# Semiconductor Equipment & Materials — company-by-company sector analysis > Semiconductor Equipment & Materials: ASML Holding N.V. owns the largest revenue base; Teradyne, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Semiconductor Equipment & Materials has outperformed S&P 500 by 126.2% over 52 weeks and 16.5% over 13 weeks. 19 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 28 beat the sector itself. ASML Holding N.V. leads with revenue of $35,328 million, based on 24 of 29 comparable companies through Jun 2026. ### Is the Semiconductor Equipment & Materials sector outperforming S&P 500? Semiconductor Equipment & Materials has outperformed S&P 500 by 126.2% over 52 weeks and 16.5% over 13 weeks. 19 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 28 beat the sector itself. ### Which Semiconductor Equipment & Materials company is largest by revenue? ASML Holding N.V. leads with revenue of $35,328 million, based on 24 of 29 comparable companies through Jun 2026. ### Which Semiconductor Equipment & Materials company is growing fastest? Teradyne, Inc. has the fastest current revenue growth at 30.3%, across 23 of 29 comparable companies. ### Which Semiconductor Equipment & Materials company has the strongest 4-Factor Sector Score? Teradyne, Inc. ranks first at 74.7/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Semiconductor Equipment & Materials company reports the most CAPEX? Applied Materials, Inc. reports the largest latest CAPEX at $635 million, with 28 of 29 companies comparable. ### Which Semiconductor Equipment & Materials company has the least gross debt? Daqo New Energy Corp. has the lowest comparable gross debt at $0 million. Applied Materials, Inc. has the highest at $6,455 million. ### Which Semiconductor Equipment & Materials company has the lowest comparable PEG? Photronics, Inc. has the lowest comparable Guarded PEG at 0.43, among 15 of 29 companies that pass the metric’s comparability rules. ### How much history does this Semiconductor Equipment & Materials comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Semiconductor Equipment & Materials has outperformed S&P 500 by 126.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 16.5%. 19 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Ichor Holdings, Ltd. is the strongest against the sector itself at +36.4%. 13-week sector return versus NIFTY 500: -17% 52-week sector return versus NIFTY 500: 126% Stocks leading NIFTY: 19/28 Stocks leading sector: 8/28 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 29 Combined market value: ₹17.6 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Teradyne, Inc. (TER): 75/100 — Favorable setup; evidence 82% - Growth & earnings 30.9/35 | Capital efficiency 19.6/25 | Valuation 11.8/20 | Relative strength 12.4/20 - Exact sum: 30.9 + 19.6 + 11.8 + 12.4 = 74.7 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 2. Lam Research Corporation (LRCX): 71/100 — Favorable setup; evidence 82% - Growth & earnings 27.4/35 | Capital efficiency 16.8/25 | Valuation 13.4/20 | Relative strength 12.9/20 - Exact sum: 27.4 + 16.8 + 13.4 + 12.9 = 70.5 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. 3. Applied Materials, Inc. (AMAT): 65/100 — Favorable setup; evidence 86% - Growth & earnings 19.5/35 | Capital efficiency 15.8/25 | Valuation 11.1/20 | Relative strength 18.7/20 - Exact sum: 19.5 + 15.8 + 11.1 + 18.7 = 65.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Kulicke and Soffa Industries, Inc. (KLIC): 65/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 23.2/35 | Capital efficiency 14.2/25 | Valuation 9.5/20 | Relative strength 17.6/20 - Exact sum: 23.2 + 14.2 + 9.5 + 17.6 = 64.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. ACM Research, Inc. (ACMR): 63/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 16.5/35 | Capital efficiency 13.4/25 | Valuation 14.6/20 | Relative strength 18.0/20 - Exact sum: 16.5 + 13.4 + 14.6 + 18 = 62.5 - Decision use: Price leads the evidence: RS versus the benchmark is 28.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 6. KLA Corporation (KLAC): 57/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 19.1/35 | Capital efficiency 14.9/25 | Valuation 10.1/20 | Relative strength 13.3/20 - Exact sum: 19.1 + 14.9 + 10.1 + 13.3 = 57.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. ASML Holding N.V. (ASML): 55/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 21.0/35 | Capital efficiency 17.4/25 | Valuation 4.6/20 | Relative strength 12.4/20 - Exact sum: 21 + 17.4 + 4.6 + 12.4 = 55.4 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 8. Amkor Technology, Inc. (AMKR): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 24.5/35 | Capital efficiency 11.8/25 | Valuation 15.2/20 | Relative strength 2.0/20 - Exact sum: 24.5 + 11.8 + 15.2 + 2 = 53.5 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -26.2% and the one-year return is 110.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 9. Ichor Holdings, Ltd. (ICHR): 53/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 16.1/35 | Capital efficiency 8.2/25 | Valuation 10.1/20 | Relative strength 18.9/20 - Exact sum: 16.1 + 8.2 + 10.1 + 18.9 = 53.3 - Decision use: Price leads the evidence: RS versus the benchmark is 51%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 10. Cohu, Inc. (COHU): 52/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 22.7/35 | Capital efficiency 6.1/25 | Valuation 9.6/20 | Relative strength 14.0/20 - Exact sum: 22.7 + 6.1 + 9.6 + 14 = 52.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. AXT, Inc. (AXTI): 50/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 20.1/35 | Capital efficiency 7.6/25 | Valuation 11.1/20 | Relative strength 11.3/20 - Exact sum: 20.1 + 7.6 + 11.1 + 11.3 = 50.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Aehr Test Systems, Inc. (AEHR): 50/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 15.9/35 | Capital efficiency 8.7/25 | Valuation 11.5/20 | Relative strength 13.7/20 - Exact sum: 15.9 + 8.7 + 11.5 + 13.7 = 49.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. Amtech Systems, Inc. (ASYS): 49/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.4/35 | Capital efficiency 10.4/25 | Valuation 9.1/20 | Relative strength 8.7/20 - Exact sum: 20.4 + 10.4 + 9.1 + 8.7 = 48.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. Ultra Clean Holdings, Inc. (UCTT): 48/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 12.7/35 | Capital efficiency 6.3/25 | Valuation 10.7/20 | Relative strength 17.8/20 - Exact sum: 12.7 + 6.3 + 10.7 + 17.8 = 47.5 - Decision use: Price leads the evidence: RS versus the benchmark is 36.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 15. Photronics, Inc. (PLAB): 47/100 — Mixed-negative evidence; evidence 86% - Growth & earnings 12.4/35 | Capital efficiency 16.3/25 | Valuation 16.3/20 | Relative strength 1.6/20 - Exact sum: 12.4 + 16.3 + 16.3 + 1.6 = 46.6 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 16. Ambarella, Inc. (AMBA): 47/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 22.5/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 6.0/20 - Exact sum: 22.5 + 8.1 + 10 + 6 = 46.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. InTest Corporation (INTT): 47/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 19.5/35 | Capital efficiency 10.4/25 | Valuation 8.5/20 | Relative strength 8.1/20 - Exact sum: 19.5 + 10.4 + 8.5 + 8.1 = 46.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. Onto Innovation Inc. (ONTO): 45/100 — Thin evidence · provisional; evidence 57% - Growth & earnings 12.9/35 | Capital efficiency 13.4/25 | Valuation 9.7/20 | Relative strength 9.1/20 - Exact sum: 12.9 + 13.4 + 9.7 + 9.1 = 45.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. Nova Ltd. (NVMI): 45/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 19.3/35 | Capital efficiency 14.0/25 | Valuation 6.4/20 | Relative strength 5.1/20 - Exact sum: 19.3 + 14 + 6.4 + 5.1 = 44.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 20. FormFactor, Inc. (FORM): 44/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 22.4/35 | Capital efficiency 12.8/25 | Valuation 3.9/20 | Relative strength 5.1/20 - Exact sum: 22.4 + 12.8 + 3.9 + 5.1 = 44.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. Axcelis Technologies, Inc. (ACLS): 41/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 7.2/35 | Capital efficiency 12.3/25 | Valuation 12.2/20 | Relative strength 9.1/20 - Exact sum: 7.2 + 12.3 + 12.2 + 9.1 = 40.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. IPG Photonics Corporation (IPGP): 40/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 14.1/35 | Capital efficiency 11.3/25 | Valuation 13.2/20 | Relative strength 1.7/20 - Exact sum: 14.1 + 11.3 + 13.2 + 1.7 = 40.3 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 23. Veeco Instruments Inc. (VECO): 40/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 6.5/35 | Capital efficiency 9.1/25 | Valuation 13.7/20 | Relative strength 10.3/20 - Exact sum: 6.5 + 9.1 + 13.7 + 10.3 = 39.6 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 24. Camtek Ltd. (CAMT): 39/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 10.2/35 | Capital efficiency 12.5/25 | Valuation 12.0/20 | Relative strength 4.2/20 - Exact sum: 10.2 + 12.5 + 12 + 4.2 = 38.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Entegris, Inc. (ENTG): 38/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 13.3/35 | Capital efficiency 10.2/25 | Valuation 7.4/20 | Relative strength 7.3/20 - Exact sum: 13.3 + 10.2 + 7.4 + 7.3 = 38.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. Daqo New Energy Corp. (DQ): 33/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 9.2/35 | Capital efficiency 9.1/25 | Valuation 11.4/20 | Relative strength 3.0/20 - Exact sum: 9.2 + 9.1 + 11.4 + 3 = 32.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. Trio-Tech International (TRT): 54/100 — Thin evidence · provisional; evidence 14% - Growth & earnings 17.5/35 | Capital efficiency 12.5/25 | Valuation 10.0/20 | Relative strength 13.8/20 - Exact sum: 17.5 + 12.5 + 10 + 13.8 = 53.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Qnity Electronics, Inc. (Q): 51/100 — Thin evidence · provisional; evidence 39% - Growth & earnings 16.9/35 | Capital efficiency 13.8/25 | Valuation 10.2/20 | Relative strength 10.0/20 - Exact sum: 16.9 + 13.8 + 10.2 + 10 = 50.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Atomera Incorporated (ATOM): 46/100 — Thin evidence · provisional; evidence 45% - Growth & earnings 21.8/35 | Capital efficiency 8.9/25 | Valuation 10.0/20 | Relative strength 5.6/20 - Exact sum: 21.8 + 8.9 + 10 + 5.6 = 46.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: ASML Holding N.V. is the scale leader at $35,328 million, 21.7% ahead of Applied Materials, Inc.. Teradyne, Inc.'s growth is 30.3% from a $3,786 million base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: ASML Holding N.V. is the scale benchmark; Teradyne, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: ASML Holding N.V.'s growth falls below Teradyne, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: ASML Holding N.V. · $35,328 million | 21.7% versus #2 · Applied Materials, Inc. | 8/8 recent comparable periods | 24/29 companies · 504 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. ASML Holding N.V. (ASML): ₹35.3K Cr 2. Applied Materials, Inc. (AMAT): ₹29.0K Cr 3. Lam Research Corporation (LRCX): ₹21.7K Cr 4. KLA Corporation (KLAC): ₹13.1K Cr 5. Amkor Technology, Inc. (AMKR): ₹7.1K Cr ### Revenue growth — fastest growers 1. Teradyne, Inc. (TER): 30% 2. Ambarella, Inc. (AMBA): 28% 3. Lam Research Corporation (LRCX): 27% 4. Cohu, Inc. (COHU): 23% 5. Nova Ltd. (NVMI): 21% ### 20-quarter Revenue history - ASML: Sep 2021 ₹4.0K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 — | Jun 2022 ₹3.5K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 — | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹9.3K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹7.5K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹8.8K Cr | Jun 2026 ₹9.3K Cr - AMAT: Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.1K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹6.4K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹6.7K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹7.2K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹7.0K Cr | Jun 2026 ₹7.9K Cr - LRCX: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 — - KLAC: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 — - TER: Sep 2021 ₹1.1K Cr | Dec 2021 ₹951 Cr | Mar 2022 — | Jun 2022 ₹755 Cr | Sep 2022 ₹841 Cr | Dec 2022 ₹827 Cr | Mar 2023 — | Jun 2023 ₹618 Cr | Sep 2023 ₹684 Cr | Dec 2023 ₹704 Cr | Mar 2024 ₹600 Cr | Jun 2024 ₹730 Cr | Sep 2024 ₹737 Cr | Dec 2024 ₹753 Cr | Mar 2025 ₹686 Cr | Jun 2025 ₹652 Cr | Sep 2025 ₹769 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - ENTG: Sep 2021 ₹571 Cr | Dec 2021 ₹579 Cr | Mar 2022 — | Jun 2022 ₹650 Cr | Sep 2022 ₹692 Cr | Dec 2022 ₹994 Cr | Mar 2023 — | Jun 2023 ₹922 Cr | Sep 2023 ₹901 Cr | Dec 2023 ₹812 Cr | Mar 2024 ₹771 Cr | Jun 2024 ₹813 Cr | Sep 2024 ₹808 Cr | Dec 2024 ₹850 Cr | Mar 2025 ₹773 Cr | Jun 2025 ₹792 Cr | Sep 2025 ₹807 Cr | Dec 2025 ₹824 Cr | Mar 2026 ₹812 Cr | Jun 2026 — - NVMI: Sep 2021 ₹113 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹123 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹142 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹179 Cr | Dec 2024 ₹195 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹220 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹223 Cr | Mar 2026 ₹235 Cr | Jun 2026 — - ONTO: Sep 2021 ₹201 Cr | Dec 2021 — | Mar 2022 ₹226 Cr | Jun 2022 ₹241 Cr | Sep 2022 ₹256 Cr | Dec 2022 ₹254 Cr | Mar 2023 — | Jun 2023 ₹199 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹219 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹242 Cr | Sep 2024 ₹252 Cr | Dec 2024 ₹264 Cr | Mar 2025 ₹267 Cr | Jun 2025 ₹254 Cr | Sep 2025 ₹218 Cr | Dec 2025 — | Mar 2026 ₹267 Cr | Jun 2026 — - AMKR: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - FORM: Sep 2021 ₹190 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹197 Cr | Jun 2022 ₹204 Cr | Sep 2022 ₹181 Cr | Dec 2022 ₹166 Cr | Mar 2023 — | Jun 2023 ₹167 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹208 Cr | Dec 2024 ₹189 Cr | Mar 2025 ₹171 Cr | Jun 2025 ₹196 Cr | Sep 2025 ₹203 Cr | Dec 2025 ₹215 Cr | Mar 2026 ₹226 Cr | Jun 2026 — - CAMT: Sep 2021 ₹71 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹122 Cr | Jun 2026 — - ACMR: Sep 2021 ₹67 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹104 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹202 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹223 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹269 Cr | Dec 2025 ₹244 Cr | Mar 2026 ₹231 Cr | Jun 2026 — - KLIC: Sep 2021 ₹424 Cr | Dec 2021 ₹485 Cr | Mar 2022 ₹461 Cr | Jun 2022 ₹384 Cr | Sep 2022 ₹372 Cr | Dec 2022 ₹286 Cr | Mar 2023 — | Jun 2023 ₹173 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹148 Cr | Sep 2025 — | Dec 2025 ₹178 Cr | Mar 2026 ₹200 Cr | Jun 2026 ₹243 Cr - ACLS: Sep 2021 ₹177 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹204 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹266 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹292 Cr | Dec 2023 ₹310 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹257 Cr | Sep 2024 ₹257 Cr | Dec 2024 ₹252 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹195 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹199 Cr | Jun 2026 — - IPGP: Sep 2021 ₹379 Cr | Dec 2021 ₹364 Cr | Mar 2022 ₹370 Cr | Jun 2022 ₹377 Cr | Sep 2022 ₹349 Cr | Dec 2022 ₹334 Cr | Mar 2023 ₹347 Cr | Jun 2023 ₹340 Cr | Sep 2023 ₹301 Cr | Dec 2023 ₹299 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹258 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹228 Cr | Jun 2025 ₹251 Cr | Sep 2025 ₹251 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹265 Cr | Jun 2026 — - UCTT: Sep 2021 ₹554 Cr | Dec 2021 ₹615 Cr | Mar 2022 — | Jun 2022 ₹564 Cr | Sep 2022 ₹609 Cr | Dec 2022 ₹566 Cr | Mar 2023 ₹433 Cr | Jun 2023 ₹422 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹445 Cr | Mar 2024 ₹478 Cr | Jun 2024 ₹516 Cr | Sep 2024 ₹540 Cr | Dec 2024 ₹563 Cr | Mar 2025 ₹519 Cr | Jun 2025 ₹519 Cr | Sep 2025 ₹510 Cr | Dec 2025 ₹507 Cr | Mar 2026 ₹534 Cr | Jun 2026 — - AMBA: Sep 2021 ₹79 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹101 Cr | Jun 2026 ₹100 Cr - VECO: Sep 2021 ₹150 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹156 Cr | Jun 2022 ₹164 Cr | Sep 2022 ₹172 Cr | Dec 2022 ₹154 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹177 Cr | Dec 2023 ₹174 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹166 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹158 Cr | Jun 2026 — - AXTI: Sep 2021 ₹35 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹27 Cr | Jun 2026 — - ICHR: Sep 2021 ₹263 Cr | Dec 2021 ₹287 Cr | Mar 2022 — | Jun 2022 ₹293 Cr | Sep 2022 ₹330 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹197 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹233 Cr | Mar 2025 ₹244 Cr | Jun 2025 ₹240 Cr | Sep 2025 ₹239 Cr | Dec 2025 ₹224 Cr | Mar 2026 ₹256 Cr | Jun 2026 — - AEHR: Sep 2021 ₹6 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - COHU: Sep 2021 ₹225 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹198 Cr | Jun 2022 ₹217 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹191 Cr | Mar 2023 — | Jun 2023 ₹179 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹125 Cr | Jun 2026 — - PLAB: Sep 2021 ₹171 Cr | Dec 2021 ₹181 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹224 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹223 Cr | Mar 2025 ₹212 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹225 Cr | Jun 2026 ₹210 Cr - DQ: Sep 2021 ₹586 Cr | Dec 2021 ₹396 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹864 Cr | Mar 2023 ₹710 Cr | Jun 2023 ₹637 Cr | Sep 2023 ₹485 Cr | Dec 2023 ₹476 Cr | Mar 2024 ₹415 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹195 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹245 Cr | Dec 2025 ₹222 Cr | Mar 2026 ₹27 Cr | Jun 2026 — - ASYS: Sep 2021 ₹24 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹20 Cr | Jun 2026 — - ATOM: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - INTT: Sep 2021 ₹21 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹34 Cr | Jun 2026 — ### 20-quarter Revenue growth history - ASML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 35% | Dec 2022 10% | Mar 2023 — | Jun 2023 91% | Sep 2023 27% | Dec 2023 15% | Mar 2024 — | Jun 2024 -7.5% | Sep 2024 8.2% | Dec 2024 39% | Mar 2025 46% | Jun 2025 23% | Sep 2025 0.7% | Dec 2025 4.9% | Mar 2026 13% | Jun 2026 21% - AMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.2% | Dec 2022 10% | Mar 2023 7.5% | Jun 2023 6.2% | Sep 2023 -1.5% | Dec 2023 -0.4% | Mar 2024 -0.5% | Jun 2024 0.2% | Sep 2024 5.5% | Dec 2024 4.8% | Mar 2025 6.8% | Jun 2025 6.8% | Sep 2025 7.7% | Dec 2025 -3.5% | Mar 2026 -2.2% | Jun 2026 11% - LRCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 18% | Dec 2022 25% | Mar 2023 -4.7% | Jun 2023 -31% | Sep 2023 -31% | Dec 2023 -29% | Mar 2024 -2.0% | Jun 2024 21% | Sep 2024 20% | Dec 2024 16% | Mar 2025 24% | Jun 2025 34% | Sep 2025 28% | Dec 2025 22% | Mar 2026 24% | Jun 2026 — - KLAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 31% | Dec 2022 27% | Mar 2023 6.3% | Jun 2023 -5.3% | Sep 2023 -12% | Dec 2023 -17% | Mar 2024 -3.0% | Jun 2024 9.1% | Sep 2024 19% | Dec 2024 24% | Mar 2025 30% | Jun 2025 24% | Sep 2025 13% | Dec 2025 7.2% | Mar 2026 11% | Jun 2026 — - TER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -23% | Dec 2022 -13% | Mar 2023 — | Jun 2023 -18% | Sep 2023 -19% | Dec 2023 -15% | Mar 2024 — | Jun 2024 18% | Sep 2024 7.8% | Dec 2024 7.0% | Mar 2025 14% | Jun 2025 -11% | Sep 2025 4.3% | Dec 2025 44% | Mar 2026 87% | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 11% | Dec 2025 8.1% | Mar 2026 18% | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 72% | Mar 2023 — | Jun 2023 42% | Sep 2023 30% | Dec 2023 -18% | Mar 2024 — | Jun 2024 -12% | Sep 2024 -10% | Dec 2024 4.7% | Mar 2025 0.3% | Jun 2025 -2.6% | Sep 2025 -0.1% | Dec 2025 -3.1% | Mar 2026 5.1% | Jun 2026 — - NVMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 27% | Dec 2022 24% | Mar 2023 -1.5% | Jun 2023 -13% | Sep 2023 -10% | Dec 2023 -11% | Mar 2024 7.6% | Jun 2024 28% | Sep 2024 39% | Dec 2024 46% | Mar 2025 50% | Jun 2025 40% | Sep 2025 26% | Dec 2025 14% | Mar 2026 10% | Jun 2026 — - ONTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 27% | Dec 2022 — | Mar 2023 — | Jun 2023 -17% | Sep 2023 -25% | Dec 2023 -14% | Mar 2024 — | Jun 2024 22% | Sep 2024 32% | Dec 2024 21% | Mar 2025 17% | Jun 2025 5.0% | Sep 2025 -13% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 — - AMKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.0% | Sep 2022 24% | Dec 2022 10% | Mar 2023 -7.8% | Jun 2023 -3.1% | Sep 2023 -13% | Dec 2023 -8.1% | Mar 2024 -7.2% | Jun 2024 0.2% | Sep 2024 2.2% | Dec 2024 -7.0% | Mar 2025 -3.2% | Jun 2025 3.4% | Sep 2025 6.7% | Dec 2025 16% | Mar 2026 27% | Jun 2026 — - FORM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.5% | Sep 2022 -4.7% | Dec 2022 -19% | Mar 2023 — | Jun 2023 -18% | Sep 2023 -14% | Dec 2023 1.2% | Mar 2024 — | Jun 2024 18% | Sep 2024 33% | Dec 2024 13% | Mar 2025 1.2% | Jun 2025 -0.5% | Sep 2025 -2.4% | Dec 2025 14% | Mar 2026 32% | Jun 2026 — - CAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 15% | Dec 2022 11% | Mar 2023 -6.5% | Jun 2023 -7.5% | Sep 2023 -2.4% | Dec 2023 8.5% | Mar 2024 35% | Jun 2024 39% | Sep 2024 40% | Dec 2024 31% | Mar 2025 23% | Jun 2025 19% | Sep 2025 13% | Dec 2025 9.4% | Mar 2026 2.5% | Jun 2026 — - ACMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 93% | Sep 2022 100% | Dec 2022 15% | Mar 2023 76% | Jun 2023 39% | Sep 2023 26% | Dec 2023 56% | Mar 2024 105% | Jun 2024 39% | Sep 2024 21% | Dec 2024 31% | Mar 2025 13% | Jun 2025 6.4% | Sep 2025 32% | Dec 2025 9.4% | Mar 2026 34% | Jun 2026 — - KLIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -12% | Dec 2022 -41% | Mar 2023 — | Jun 2023 -55% | Sep 2023 -49% | Dec 2023 -40% | Mar 2024 — | Jun 2024 5.2% | Sep 2024 -5.2% | Dec 2024 -2.9% | Mar 2025 -5.8% | Jun 2025 -19% | Sep 2025 — | Dec 2025 7.2% | Mar 2026 23% | Jun 2026 64% - ACLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 29% | Dec 2022 29% | Mar 2023 25% | Jun 2023 24% | Sep 2023 28% | Dec 2023 17% | Mar 2024 -0.8% | Jun 2024 -6.2% | Sep 2024 -12% | Dec 2024 -19% | Mar 2025 -23% | Jun 2025 -24% | Sep 2025 -17% | Dec 2025 -5.6% | Mar 2026 3.1% | Jun 2026 — - IPGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 -7.9% | Dec 2022 -8.2% | Mar 2023 -6.2% | Jun 2023 -9.8% | Sep 2023 -14% | Dec 2023 -10% | Mar 2024 -27% | Jun 2024 -24% | Sep 2024 -23% | Dec 2024 -22% | Mar 2025 -9.5% | Jun 2025 -2.7% | Sep 2025 7.7% | Dec 2025 17% | Mar 2026 16% | Jun 2026 — - UCTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.5% | Sep 2022 9.9% | Dec 2022 -8.0% | Mar 2023 — | Jun 2023 -25% | Sep 2023 -29% | Dec 2023 -21% | Mar 2024 10% | Jun 2024 22% | Sep 2024 24% | Dec 2024 27% | Mar 2025 8.6% | Jun 2025 0.6% | Sep 2025 -5.6% | Dec 2025 -10.0% | Mar 2026 2.9% | Jun 2026 — - AMBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.5% | Dec 2022 -9.8% | Mar 2023 -7.8% | Jun 2023 -31% | Sep 2023 -23% | Dec 2023 -39% | Mar 2024 -37% | Jun 2024 -13% | Sep 2024 3.2% | Dec 2024 63% | Mar 2025 62% | Jun 2025 59% | Sep 2025 50% | Dec 2025 30% | Mar 2026 20% | Jun 2026 16% - VECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 15% | Dec 2022 0.7% | Mar 2023 -1.3% | Jun 2023 -1.2% | Sep 2023 2.9% | Dec 2023 13% | Mar 2024 13% | Jun 2024 8.6% | Sep 2024 4.5% | Dec 2024 4.6% | Mar 2025 -4.0% | Jun 2025 -5.7% | Sep 2025 -10% | Dec 2025 -9.3% | Mar 2026 -5.4% | Jun 2026 — - AXTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 0.0% | Dec 2022 -29% | Mar 2023 -53% | Jun 2023 -51% | Sep 2023 -51% | Dec 2023 -26% | Mar 2024 21% | Jun 2024 47% | Sep 2024 41% | Dec 2024 25% | Mar 2025 -17% | Jun 2025 -36% | Sep 2025 17% | Dec 2025 -8.0% | Mar 2026 42% | Jun 2026 — - ICHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.9% | Sep 2022 25% | Dec 2022 5.2% | Mar 2023 — | Jun 2023 -37% | Sep 2023 -40% | Dec 2023 -33% | Mar 2024 -11% | Jun 2024 9.7% | Sep 2024 7.1% | Dec 2024 15% | Mar 2025 21% | Jun 2025 18% | Sep 2025 13% | Dec 2025 -3.9% | Mar 2026 4.9% | Jun 2026 — - AEHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 150% | Sep 2022 83% | Dec 2022 50% | Mar 2023 13% | Jun 2023 10% | Sep 2023 91% | Dec 2023 40% | Mar 2024 -53% | Jun 2024 -23% | Sep 2024 -38% | Dec 2024 -38% | Mar 2025 125% | Jun 2025 -18% | Sep 2025 -15% | Dec 2025 -23% | Mar 2026 -44% | Jun 2026 — - COHU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -8.0% | Dec 2022 -0.5% | Mar 2023 — | Jun 2023 -18% | Sep 2023 -18% | Dec 2023 -28% | Mar 2024 — | Jun 2024 -41% | Sep 2024 -44% | Dec 2024 -31% | Mar 2025 -10% | Jun 2025 2.9% | Sep 2025 33% | Dec 2025 30% | Mar 2026 29% | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 29% | Dec 2022 16% | Mar 2023 11% | Jun 2023 12% | Sep 2023 1.8% | Dec 2023 8.1% | Mar 2024 2.4% | Jun 2024 -5.2% | Sep 2024 -5.8% | Dec 2024 -1.8% | Mar 2025 -1.9% | Jun 2025 -2.8% | Sep 2025 -0.5% | Dec 2025 -3.1% | Mar 2026 6.1% | Jun 2026 -0.5% - DQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 182% | Sep 2022 108% | Dec 2022 118% | Mar 2023 -45% | Jun 2023 -49% | Sep 2023 -60% | Dec 2023 -45% | Mar 2024 -42% | Jun 2024 -65% | Sep 2024 -59% | Dec 2024 -59% | Mar 2025 -70% | Jun 2025 -66% | Sep 2025 24% | Dec 2025 14% | Mar 2026 -78% | Jun 2026 — - ASYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 33% | Dec 2022 -15% | Mar 2023 18% | Jun 2023 55% | Sep 2023 -13% | Dec 2023 14% | Mar 2024 -24% | Jun 2024 -13% | Sep 2024 -14% | Dec 2024 -4.0% | Mar 2025 -36% | Jun 2025 -26% | Sep 2025 -17% | Dec 2025 -21% | Mar 2026 25% | Jun 2026 — - ATOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -100% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - INTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 48% | Dec 2022 45% | Mar 2023 33% | Jun 2023 10% | Sep 2023 0.0% | Dec 2023 -13% | Mar 2024 -6.3% | Jun 2024 3.0% | Sep 2024 -3.2% | Dec 2024 32% | Mar 2025 -10% | Jun 2025 -18% | Sep 2025 -13% | Dec 2025 -11% | Mar 2026 26% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: KLA Corporation leads opm at 41.2%; Atomera Incorporated leads margin change at +79084.1 percentage points. Investor read: KLA Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: KLA Corporation · 41.2% | 11.1% versus #2 · ASML Holding N.V. | 7/8 recent comparable periods | 27/29 companies · 492 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. KLA Corporation (KLAC): 41% 2. ASML Holding N.V. (ASML): 37% 3. Teradyne, Inc. (TER): 37% 4. Lam Research Corporation (LRCX): 35% 5. Applied Materials, Inc. (AMAT): 32% ### Margin change — fastest expanders 1. Atomera Incorporated (ATOM): +79,084.1 pp 2. Amtech Systems, Inc. (ASYS): +211.5 pp 3. AXT, Inc. (AXTI): +47.2 pp 4. Kulicke and Soffa Industries, Inc. (KLIC): +20.0 pp 5. Cohu, Inc. (COHU): +19.3 pp ### 20-quarter OPM history - ASML: Sep 2021 31% | Dec 2021 37% | Mar 2022 — | Jun 2022 22% | Sep 2022 30% | Dec 2022 34% | Mar 2023 — | Jun 2023 33% | Sep 2023 33% | Dec 2023 33% | Mar 2024 26% | Jun 2024 29% | Sep 2024 33% | Dec 2024 36% | Mar 2025 35% | Jun 2025 35% | Sep 2025 33% | Dec 2025 35% | Mar 2026 36% | Jun 2026 37% - AMAT: Sep 2021 33% | Dec 2021 33% | Mar 2022 32% | Jun 2022 30% | Sep 2022 30% | Dec 2022 30% | Mar 2023 29% | Jun 2023 29% | Sep 2023 28% | Dec 2023 29% | Mar 2024 29% | Jun 2024 29% | Sep 2024 29% | Dec 2024 29% | Mar 2025 30% | Jun 2025 31% | Sep 2025 31% | Dec 2025 25% | Mar 2026 26% | Jun 2026 32% - LRCX: Sep 2021 32% | Dec 2021 32% | Mar 2022 29% | Jun 2022 32% | Sep 2022 34% | Dec 2022 32% | Mar 2023 24% | Jun 2023 27% | Sep 2023 29% | Dec 2023 28% | Mar 2024 28% | Jun 2024 29% | Sep 2024 30% | Dec 2024 31% | Mar 2025 33% | Jun 2025 34% | Sep 2025 34% | Dec 2025 34% | Mar 2026 35% | Jun 2026 — - KLAC: Sep 2021 39% | Dec 2021 41% | Mar 2022 39% | Jun 2022 39% | Sep 2022 41% | Dec 2022 40% | Mar 2023 35% | Jun 2023 35% | Sep 2023 38% | Dec 2023 30% | Mar 2024 31% | Jun 2024 38% | Sep 2024 39% | Dec 2024 33% | Mar 2025 43% | Jun 2025 43% | Sep 2025 42% | Dec 2025 41% | Mar 2026 41% | Jun 2026 — - TER: Sep 2021 36% | Dec 2021 34% | Mar 2022 — | Jun 2022 25% | Sep 2022 30% | Dec 2022 28% | Mar 2023 — | Jun 2023 15% | Sep 2023 20% | Dec 2023 21% | Mar 2024 13% | Jun 2024 29% | Sep 2024 21% | Dec 2024 20% | Mar 2025 18% | Jun 2025 14% | Sep 2025 19% | Dec 2025 27% | Mar 2026 37% | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 21% | Dec 2024 21% | Mar 2025 21% | Jun 2025 21% | Sep 2025 21% | Dec 2025 20% | Mar 2026 21% | Jun 2026 — - ENTG: Sep 2021 24% | Dec 2021 24% | Mar 2022 — | Jun 2022 25% | Sep 2022 23% | Dec 2022 1.5% | Mar 2023 — | Jun 2023 1.5% | Sep 2023 -4.6% | Dec 2023 5.0% | Mar 2024 15% | Jun 2024 16% | Sep 2024 17% | Dec 2024 18% | Mar 2025 16% | Jun 2025 13% | Sep 2025 15% | Dec 2025 13% | Mar 2026 17% | Jun 2026 — - NVMI: Sep 2021 32% | Dec 2021 25% | Mar 2022 28% | Jun 2022 26% | Sep 2022 27% | Dec 2022 24% | Mar 2023 27% | Jun 2023 23% | Sep 2023 27% | Dec 2023 25% | Mar 2024 26% | Jun 2024 29% | Sep 2024 28% | Dec 2024 29% | Mar 2025 30% | Jun 2025 30% | Sep 2025 28% | Dec 2025 27% | Mar 2026 30% | Jun 2026 — - ONTO: Sep 2021 22% | Dec 2021 — | Mar 2022 22% | Jun 2022 24% | Sep 2022 22% | Dec 2022 23% | Mar 2023 — | Jun 2023 15% | Sep 2023 13% | Dec 2023 13% | Mar 2024 19% | Jun 2024 20% | Sep 2024 21% | Dec 2024 16% | Mar 2025 24% | Jun 2025 13% | Sep 2025 11% | Dec 2025 — | Mar 2026 5.2% | Jun 2026 — - AMKR: Sep 2021 13% | Dec 2021 15% | Mar 2022 13% | Jun 2022 9.5% | Sep 2022 15% | Dec 2022 12% | Mar 2023 4.7% | Jun 2023 5.2% | Sep 2023 9.1% | Dec 2023 9.1% | Mar 2024 5.4% | Jun 2024 5.6% | Sep 2024 8.0% | Dec 2024 8.3% | Mar 2025 2.4% | Jun 2025 6.1% | Sep 2025 8.0% | Dec 2025 9.8% | Mar 2026 6.0% | Jun 2026 — - FORM: Sep 2021 12% | Dec 2021 16% | Mar 2022 17% | Jun 2022 16% | Sep 2022 2.2% | Dec 2022 -9.6% | Mar 2023 — | Jun 2023 0.1% | Sep 2023 -0.8% | Dec 2023 48% | Mar 2024 13% | Jun 2024 9.0% | Sep 2024 8.6% | Dec 2024 4.1% | Mar 2025 1.9% | Jun 2025 6.3% | Sep 2025 8.9% | Dec 2025 11% | Mar 2026 7.4% | Jun 2026 — - CAMT: Sep 2021 29% | Dec 2021 26% | Mar 2022 25% | Jun 2022 26% | Sep 2022 25% | Dec 2022 25% | Mar 2023 20% | Jun 2023 20% | Sep 2023 24% | Dec 2023 19% | Mar 2024 22% | Jun 2024 25% | Sep 2024 26% | Dec 2024 27% | Mar 2025 28% | Jun 2025 26% | Sep 2025 25% | Dec 2025 25% | Mar 2026 22% | Jun 2026 — - ACMR: Sep 2021 18% | Dec 2021 20% | Mar 2022 -22% | Jun 2022 19% | Sep 2022 24% | Dec 2022 15% | Mar 2023 12% | Jun 2023 21% | Sep 2023 20% | Dec 2023 14% | Mar 2024 17% | Jun 2024 19% | Sep 2024 22% | Dec 2024 20% | Mar 2025 15% | Jun 2025 15% | Sep 2025 11% | Dec 2025 9.4% | Mar 2026 16% | Jun 2026 — - KLIC: Sep 2021 28% | Dec 2021 32% | Mar 2022 33% | Jun 2022 34% | Sep 2022 33% | Dec 2022 24% | Mar 2023 — | Jun 2023 7.3% | Sep 2023 -2.4% | Dec 2023 1.0% | Mar 2024 -61% | Jun 2024 4.6% | Sep 2024 1.5% | Dec 2024 52% | Mar 2025 -52% | Jun 2025 -4.1% | Sep 2025 — | Dec 2025 0.5% | Mar 2026 8.9% | Jun 2026 16% - ACLS: Sep 2021 21% | Dec 2021 23% | Mar 2022 24% | Jun 2022 25% | Sep 2022 23% | Dec 2022 21% | Mar 2023 20% | Jun 2023 23% | Sep 2023 25% | Dec 2023 26% | Mar 2024 22% | Jun 2024 21% | Sep 2024 18% | Dec 2024 22% | Mar 2025 15% | Jun 2025 15% | Sep 2025 12% | Dec 2025 15% | Mar 2026 4.0% | Jun 2026 — - IPGP: Sep 2021 27% | Dec 2021 23% | Mar 2022 25% | Jun 2022 19% | Sep 2022 27% | Dec 2022 -33% | Mar 2023 22% | Jun 2023 21% | Sep 2023 19% | Dec 2023 11% | Mar 2024 7.6% | Jun 2024 4.7% | Sep 2024 -109% | Dec 2024 6.0% | Mar 2025 0.8% | Jun 2025 0.0% | Sep 2025 3.1% | Dec 2025 1.2% | Mar 2026 -2.9% | Jun 2026 — - UCTT: Sep 2021 9.1% | Dec 2021 10% | Mar 2022 — | Jun 2022 8.1% | Sep 2022 -0.9% | Dec 2022 7.7% | Mar 2023 2.9% | Jun 2023 3.0% | Sep 2023 1.3% | Dec 2023 1.0% | Mar 2024 3.6% | Jun 2024 4.4% | Sep 2024 4.7% | Dec 2024 4.6% | Mar 2025 2.5% | Jun 2025 -27% | Sep 2025 2.1% | Dec 2025 2.2% | Mar 2026 2.1% | Jun 2026 — - AMBA: Sep 2021 -7.5% | Dec 2021 -1.3% | Mar 2022 -14% | Jun 2022 -12% | Sep 2022 -25% | Dec 2022 -24% | Mar 2023 -28% | Jun 2023 -57% | Sep 2023 -57% | Dec 2023 -83% | Mar 2024 -81% | Jun 2024 -72% | Sep 2024 -57% | Dec 2024 -31% | Mar 2025 -30% | Jun 2025 -30% | Sep 2025 -23% | Dec 2025 -15% | Mar 2026 -18% | Jun 2026 -19% - VECO: Sep 2021 11% | Dec 2021 12% | Mar 2022 11% | Jun 2022 7.8% | Sep 2022 10% | Dec 2022 8.7% | Mar 2023 6.4% | Jun 2023 8.5% | Sep 2023 13% | Dec 2023 14% | Mar 2024 13% | Jun 2024 9.5% | Sep 2024 13% | Dec 2024 18% | Mar 2025 8.5% | Jun 2025 7.4% | Sep 2025 6.4% | Dec 2025 4.6% | Mar 2026 -1.7% | Jun 2026 — - AXTI: Sep 2021 6.9% | Dec 2021 8.0% | Mar 2022 9.3% | Jun 2022 13% | Sep 2022 13% | Dec 2022 -3.7% | Mar 2023 -23% | Jun 2023 -37% | Sep 2023 -39% | Dec 2023 -17% | Mar 2024 -15% | Jun 2024 -6.8% | Sep 2024 -14% | Dec 2024 -25% | Mar 2025 -53% | Jun 2025 -38% | Sep 2025 -4.0% | Dec 2025 -17% | Mar 2026 -5.9% | Jun 2026 — - ICHR: Sep 2021 8.1% | Dec 2021 5.7% | Mar 2022 — | Jun 2022 3.6% | Sep 2022 7.5% | Dec 2022 6.0% | Mar 2023 2.1% | Jun 2023 -1.6% | Sep 2023 -2.5% | Dec 2023 -3.9% | Mar 2024 -1.9% | Jun 2024 -1.1% | Sep 2024 -0.2% | Dec 2024 -0.5% | Mar 2025 -0.5% | Jun 2025 -2.0% | Sep 2025 -8.1% | Dec 2025 -6.2% | Mar 2026 0.8% | Jun 2026 — - AEHR: Sep 2021 -18% | Dec 2021 7.5% | Mar 2022 15% | Jun 2022 29% | Sep 2022 4.3% | Dec 2022 24% | Mar 2023 22% | Jun 2023 25% | Sep 2023 20% | Dec 2023 26% | Mar 2024 -27% | Jun 2024 15% | Sep 2024 1.2% | Dec 2024 -11% | Mar 2025 -6.1% | Jun 2025 -23% | Sep 2025 -37% | Dec 2025 -47% | Mar 2026 -41% | Jun 2026 — - COHU: Sep 2021 15% | Dec 2021 14% | Mar 2022 14% | Jun 2022 17% | Sep 2022 16% | Dec 2022 14% | Mar 2023 — | Jun 2023 11% | Sep 2023 9.3% | Dec 2023 0.2% | Mar 2024 -17% | Jun 2024 -16% | Sep 2024 -17% | Dec 2024 -23% | Mar 2025 -28% | Jun 2025 -16% | Sep 2025 -7.7% | Dec 2025 -13% | Mar 2026 -8.9% | Jun 2026 — - PLAB: Sep 2021 17% | Dec 2021 19% | Mar 2022 20% | Jun 2022 24% | Sep 2022 29% | Dec 2022 29% | Mar 2023 27% | Jun 2023 29% | Sep 2023 29% | Dec 2023 29% | Mar 2024 27% | Jun 2024 26% | Sep 2024 25% | Dec 2024 25% | Mar 2025 25% | Jun 2025 26% | Sep 2025 23% | Dec 2025 24% | Mar 2026 24% | Jun 2026 20% - DQ: Sep 2021 72% | Dec 2021 58% | Mar 2022 62% | Jun 2022 75% | Sep 2022 57% | Dec 2022 72% | Mar 2023 65% | Jun 2023 34% | Sep 2023 4.6% | Dec 2023 18% | Mar 2024 7.3% | Jun 2024 -89% | Sep 2024 -49% | Dec 2024 -154% | Mar 2025 -92% | Jun 2025 -153% | Sep 2025 -8.3% | Dec 2025 -9.4% | Mar 2026 -564% | Jun 2026 — - ASYS: Sep 2021 5.3% | Dec 2021 4.7% | Mar 2022 9.4% | Jun 2022 48% | Sep 2022 12% | Dec 2022 -12% | Mar 2023 1.6% | Jun 2023 -3.6% | Sep 2023 -42% | Dec 2023 -36% | Mar 2024 5.4% | Jun 2024 3.1% | Sep 2024 0.1% | Dec 2024 1.4% | Mar 2025 -203% | Jun 2025 4.7% | Sep 2025 9.3% | Dec 2025 4.1% | Mar 2026 8.8% | Jun 2026 — - ATOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -872% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - INTT: Sep 2021 12% | Dec 2021 1.3% | Mar 2022 3.3% | Jun 2022 9.2% | Sep 2022 10% | Dec 2022 12% | Mar 2023 11% | Jun 2023 10% | Sep 2023 8.0% | Dec 2023 4.0% | Mar 2024 1.6% | Jun 2024 1.0% | Sep 2024 1.6% | Dec 2024 5.7% | Mar 2025 -11% | Jun 2025 -3.3% | Sep 2025 -4.5% | Dec 2025 3.9% | Mar 2026 2.8% | Jun 2026 — ### 20-quarter Margin change history - ASML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −3.1 pp | Mar 2023 — | Jun 2023 +10.5 pp | Sep 2023 +2.4 pp | Dec 2023 −0.8 pp | Mar 2024 — | Jun 2024 −3.3 pp | Sep 2024 −0.1 pp | Dec 2024 +3.5 pp | Mar 2025 +9.1 pp | Jun 2025 +5.2 pp | Sep 2025 +0.1 pp | Dec 2025 −0.9 pp | Mar 2026 +0.6 pp | Jun 2026 +2.5 pp - AMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.0 pp | Dec 2022 −3.4 pp | Mar 2023 −2.3 pp | Jun 2023 −1.5 pp | Sep 2023 −1.5 pp | Dec 2023 −0.2 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.7 pp | Dec 2024 −0.3 pp | Mar 2025 +1.1 pp | Jun 2025 +1.7 pp | Sep 2025 +1.9 pp | Dec 2025 −3.8 pp | Mar 2026 −4.3 pp | Jun 2026 +1.4 pp - LRCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 +1.6 pp | Dec 2022 +0.1 pp | Mar 2023 −5.0 pp | Jun 2023 −5.3 pp | Sep 2023 −4.1 pp | Dec 2023 −3.7 pp | Mar 2024 +3.5 pp | Jun 2024 +2.5 pp | Sep 2024 +0.9 pp | Dec 2024 +2.4 pp | Mar 2025 +5.2 pp | Jun 2025 +4.6 pp | Sep 2025 +4.1 pp | Dec 2025 +3.4 pp | Mar 2026 +1.9 pp | Jun 2026 — - KLAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 +1.5 pp | Dec 2022 −0.9 pp | Mar 2023 −3.7 pp | Jun 2023 −4.2 pp | Sep 2023 −3.3 pp | Dec 2023 −10.7 pp | Mar 2024 −4.2 pp | Jun 2024 +3.0 pp | Sep 2024 +1.9 pp | Dec 2024 +3.1 pp | Mar 2025 +11.3 pp | Jun 2025 +4.6 pp | Sep 2025 +2.3 pp | Dec 2025 +8.7 pp | Mar 2026 −1.3 pp | Jun 2026 — - TER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.3 pp | Dec 2022 −5.9 pp | Mar 2023 — | Jun 2023 −9.6 pp | Sep 2023 −9.1 pp | Dec 2023 −7.5 pp | Mar 2024 — | Jun 2024 +13.8 pp | Sep 2024 +0.2 pp | Dec 2024 −0.1 pp | Mar 2025 +4.6 pp | Jun 2025 −14.9 pp | Sep 2025 −1.7 pp | Dec 2025 +6.7 pp | Mar 2026 +19.3 pp | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +0.3 pp | Dec 2025 −0.9 pp | Mar 2026 −0.4 pp | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 −22.5 pp | Mar 2023 — | Jun 2023 −23.6 pp | Sep 2023 −27.4 pp | Dec 2023 +3.5 pp | Mar 2024 — | Jun 2024 +14.5 pp | Sep 2024 +21.5 pp | Dec 2024 +12.7 pp | Mar 2025 +0.5 pp | Jun 2025 −2.6 pp | Sep 2025 −1.7 pp | Dec 2025 −5.0 pp | Mar 2026 +1.6 pp | Jun 2026 — - NVMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 −4.4 pp | Dec 2022 −0.2 pp | Mar 2023 −0.7 pp | Jun 2023 −2.7 pp | Sep 2023 −0.6 pp | Dec 2023 +0.7 pp | Mar 2024 −0.8 pp | Jun 2024 +5.7 pp | Sep 2024 +1.0 pp | Dec 2024 +3.4 pp | Mar 2025 +3.4 pp | Jun 2025 +0.7 pp | Sep 2025 +0.9 pp | Dec 2025 −1.2 pp | Mar 2026 +0.5 pp | Jun 2026 — - ONTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.7 pp | Sep 2022 +0.9 pp | Dec 2022 — | Mar 2023 — | Jun 2023 −9.7 pp | Sep 2023 −9.4 pp | Dec 2023 −10.4 pp | Mar 2024 — | Jun 2024 +5.6 pp | Sep 2024 +8.0 pp | Dec 2024 +3.2 pp | Mar 2025 +5.0 pp | Jun 2025 −7.5 pp | Sep 2025 −10.1 pp | Dec 2025 — | Mar 2026 −18.5 pp | Jun 2026 — - AMKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.5 pp | Sep 2022 +2.7 pp | Dec 2022 −2.8 pp | Mar 2023 −8.5 pp | Jun 2023 −4.3 pp | Sep 2023 −6.2 pp | Dec 2023 −2.7 pp | Mar 2024 +0.7 pp | Jun 2024 +0.4 pp | Sep 2024 −1.1 pp | Dec 2024 −0.8 pp | Mar 2025 −3.0 pp | Jun 2025 +0.5 pp | Sep 2025 0.0 pp | Dec 2025 +1.5 pp | Mar 2026 +3.6 pp | Jun 2026 — - FORM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.2 pp | Sep 2022 −10.0 pp | Dec 2022 −25.1 pp | Mar 2023 — | Jun 2023 −15.9 pp | Sep 2023 −3.0 pp | Dec 2023 +57.9 pp | Mar 2024 — | Jun 2024 +8.9 pp | Sep 2024 +9.4 pp | Dec 2024 −44.2 pp | Mar 2025 −10.7 pp | Jun 2025 −2.7 pp | Sep 2025 +0.3 pp | Dec 2025 +6.8 pp | Mar 2026 +5.5 pp | Jun 2026 — - CAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 −3.3 pp | Dec 2022 −1.1 pp | Mar 2023 −5.7 pp | Jun 2023 −6.0 pp | Sep 2023 −1.5 pp | Dec 2023 −5.5 pp | Mar 2024 +2.3 pp | Jun 2024 +5.0 pp | Sep 2024 +2.7 pp | Dec 2024 +7.3 pp | Mar 2025 +5.7 pp | Jun 2025 +0.7 pp | Sep 2025 −1.1 pp | Dec 2025 −2.0 pp | Mar 2026 −5.2 pp | Jun 2026 — - ACMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.2 pp | Sep 2022 +6.1 pp | Dec 2022 −4.7 pp | Mar 2023 +34.0 pp | Jun 2023 +1.8 pp | Sep 2023 −4.0 pp | Dec 2023 −1.7 pp | Mar 2024 +4.7 pp | Jun 2024 −2.4 pp | Sep 2024 +2.0 pp | Dec 2024 +6.0 pp | Mar 2025 −1.6 pp | Jun 2025 −3.9 pp | Sep 2025 −11.0 pp | Dec 2025 −10.3 pp | Mar 2026 +0.6 pp | Jun 2026 — - KLIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 −8.3 pp | Mar 2023 — | Jun 2023 −26.4 pp | Sep 2023 −35.2 pp | Dec 2023 −22.6 pp | Mar 2024 — | Jun 2024 −2.7 pp | Sep 2024 +3.9 pp | Dec 2024 +51.2 pp | Mar 2025 +8.8 pp | Jun 2025 −8.7 pp | Sep 2025 — | Dec 2025 −51.7 pp | Mar 2026 +61.2 pp | Jun 2026 +20.0 pp - ACLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.2 pp | Sep 2022 +2.6 pp | Dec 2022 −1.5 pp | Mar 2023 −3.8 pp | Jun 2023 −1.2 pp | Sep 2023 +1.3 pp | Dec 2023 +4.4 pp | Mar 2024 +2.2 pp | Jun 2024 −2.7 pp | Sep 2024 −6.2 pp | Dec 2024 −3.9 pp | Mar 2025 −7.3 pp | Jun 2025 −5.7 pp | Sep 2025 −6.6 pp | Dec 2025 −6.4 pp | Mar 2026 −11.1 pp | Jun 2026 — - IPGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.8 pp | Sep 2022 −0.2 pp | Dec 2022 −55.9 pp | Mar 2023 −3.5 pp | Jun 2023 +2.2 pp | Sep 2023 −8.2 pp | Dec 2023 +43.1 pp | Mar 2024 −14.1 pp | Jun 2024 −16.5 pp | Sep 2024 −127.2 pp | Dec 2024 −4.5 pp | Mar 2025 −6.8 pp | Jun 2025 −4.7 pp | Sep 2025 +111.8 pp | Dec 2025 −4.8 pp | Mar 2026 −3.7 pp | Jun 2026 — - UCTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 −10.0 pp | Dec 2022 −2.5 pp | Mar 2023 — | Jun 2023 −5.1 pp | Sep 2023 +2.2 pp | Dec 2023 −6.7 pp | Mar 2024 +0.7 pp | Jun 2024 +1.4 pp | Sep 2024 +3.4 pp | Dec 2024 +3.6 pp | Mar 2025 −1.1 pp | Jun 2025 −31.7 pp | Sep 2025 −2.6 pp | Dec 2025 −2.4 pp | Mar 2026 −0.4 pp | Jun 2026 — - AMBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.5 pp | Dec 2022 −22.9 pp | Mar 2023 −14.4 pp | Jun 2023 −45.6 pp | Sep 2023 −31.9 pp | Dec 2023 −58.7 pp | Mar 2024 −52.7 pp | Jun 2024 −15.2 pp | Sep 2024 0.0 pp | Dec 2024 +52.0 pp | Mar 2025 +50.6 pp | Jun 2025 +42.3 pp | Sep 2025 +33.9 pp | Dec 2025 +15.9 pp | Mar 2026 +11.9 pp | Jun 2026 +10.8 pp - VECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 −0.7 pp | Dec 2022 −2.8 pp | Mar 2023 −4.2 pp | Jun 2023 +0.7 pp | Sep 2023 +2.4 pp | Dec 2023 +5.2 pp | Mar 2024 +6.2 pp | Jun 2024 +1.0 pp | Sep 2024 +0.6 pp | Dec 2024 +3.7 pp | Mar 2025 −4.1 pp | Jun 2025 −2.1 pp | Sep 2025 −6.8 pp | Dec 2025 −13.0 pp | Mar 2026 −10.2 pp | Jun 2026 — - AXTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.8 pp | Sep 2022 +6.1 pp | Dec 2022 −11.7 pp | Mar 2023 −32.2 pp | Jun 2023 −50.2 pp | Sep 2023 −51.7 pp | Dec 2023 −13.7 pp | Mar 2024 +8.1 pp | Jun 2024 +30.0 pp | Sep 2024 +24.3 pp | Dec 2024 −7.2 pp | Mar 2025 −38.3 pp | Jun 2025 −30.7 pp | Sep 2025 +10.4 pp | Dec 2025 +8.0 pp | Mar 2026 +47.2 pp | Jun 2026 — - ICHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.3 pp | Sep 2022 −0.6 pp | Dec 2022 +0.3 pp | Mar 2023 — | Jun 2023 −5.2 pp | Sep 2023 −10.0 pp | Dec 2023 −9.9 pp | Mar 2024 −4.0 pp | Jun 2024 +0.5 pp | Sep 2024 +2.3 pp | Dec 2024 +3.4 pp | Mar 2025 +1.4 pp | Jun 2025 −0.9 pp | Sep 2025 −7.9 pp | Dec 2025 −5.7 pp | Mar 2026 +1.3 pp | Jun 2026 — - AEHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +20.8 pp | Sep 2022 +21.9 pp | Dec 2022 +16.0 pp | Mar 2023 +7.2 pp | Jun 2023 −3.4 pp | Sep 2023 +15.7 pp | Dec 2023 +2.0 pp | Mar 2024 −49.1 pp | Jun 2024 −10.0 pp | Sep 2024 −18.8 pp | Dec 2024 −36.7 pp | Mar 2025 +21.0 pp | Jun 2025 −38.0 pp | Sep 2025 −38.3 pp | Dec 2025 −35.8 pp | Mar 2026 −34.9 pp | Jun 2026 — - COHU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +32.1 pp | Sep 2022 +1.4 pp | Dec 2022 −0.1 pp | Mar 2023 — | Jun 2023 −5.9 pp | Sep 2023 −7.0 pp | Dec 2023 −14.1 pp | Mar 2024 — | Jun 2024 −26.7 pp | Sep 2024 −25.8 pp | Dec 2024 −23.2 pp | Mar 2025 −11.5 pp | Jun 2025 −0.4 pp | Sep 2025 +8.8 pp | Dec 2025 +10.3 pp | Mar 2026 +19.3 pp | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.3 pp | Dec 2022 +10.3 pp | Mar 2023 +6.4 pp | Jun 2023 +5.0 pp | Sep 2023 +0.1 pp | Dec 2023 −0.3 pp | Mar 2024 +0.1 pp | Jun 2024 −3.4 pp | Sep 2024 −4.4 pp | Dec 2024 −3.4 pp | Mar 2025 −2.0 pp | Jun 2025 +0.6 pp | Sep 2025 −1.8 pp | Dec 2025 −1.0 pp | Mar 2026 −0.2 pp | Jun 2026 −6.3 pp - DQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.3 pp | Sep 2022 −15.2 pp | Dec 2022 +14.4 pp | Mar 2023 +3.1 pp | Jun 2023 −41.0 pp | Sep 2023 −52.2 pp | Dec 2023 −54.6 pp | Mar 2024 −58.0 pp | Jun 2024 −122.6 pp | Sep 2024 −54.0 pp | Dec 2024 −171.5 pp | Mar 2025 −99.3 pp | Jun 2025 −63.9 pp | Sep 2025 +41.1 pp | Dec 2025 +144.6 pp | Mar 2026 −472.4 pp | Jun 2026 — - ASYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +42.7 pp | Sep 2022 +6.7 pp | Dec 2022 −17.1 pp | Mar 2023 −7.8 pp | Jun 2023 −51.5 pp | Sep 2023 −54.2 pp | Dec 2023 −23.5 pp | Mar 2024 +3.8 pp | Jun 2024 +6.7 pp | Sep 2024 +42.3 pp | Dec 2024 +37.3 pp | Mar 2025 −208.1 pp | Jun 2025 +1.6 pp | Sep 2025 +9.2 pp | Dec 2025 +2.7 pp | Mar 2026 +211.5 pp | Jun 2026 — - ATOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +87,247.8 pp | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 −20,310.4 pp | Mar 2025 −1,08,608.3 pp | Jun 2025 — | Sep 2025 −30,845.4 pp | Dec 2025 +11,958.6 pp | Mar 2026 +79,084.1 pp | Jun 2026 — - INTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.7 pp | Sep 2022 −1.8 pp | Dec 2022 +11.1 pp | Mar 2023 +7.7 pp | Jun 2023 +1.1 pp | Sep 2023 −2.3 pp | Dec 2023 −8.4 pp | Mar 2024 −9.4 pp | Jun 2024 −9.3 pp | Sep 2024 −6.4 pp | Dec 2024 +1.7 pp | Mar 2025 −12.4 pp | Jun 2025 −4.3 pp | Sep 2025 −6.1 pp | Dec 2025 −1.8 pp | Mar 2026 +13.6 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: ASML Holding N.V. leads with $10,399 million of TTM profit, 22.2% above Applied Materials, Inc.. Teradyne, Inc. shows 48.2% growth from a $873 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: ASML Holding N.V. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: ASML Holding N.V. · $10,399 million | 22.2% versus #2 · Applied Materials, Inc. | 8/8 recent comparable periods | 25/29 companies · 510 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. ASML Holding N.V. (ASML): ₹10.4K Cr 2. Applied Materials, Inc. (AMAT): ₹8.5K Cr 3. Lam Research Corporation (LRCX): ₹6.7K Cr 4. KLA Corporation (KLAC): ₹4.7K Cr 5. Teradyne, Inc. (TER): ₹873 Cr ### Profit growth — fastest growers 1. Teradyne, Inc. (TER): 48% 2. Lam Research Corporation (LRCX): 44% 3. Amkor Technology, Inc. (AMKR): 38% 4. KLA Corporation (KLAC): 26% 5. Applied Materials, Inc. (AMAT): 26% ### 20-quarter Net profit history - ASML: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 — | Jun 2022 ₹655 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 — | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.9K Cr - AMAT: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.8K Cr - LRCX: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹814 Cr | Jun 2023 ₹803 Cr | Sep 2023 ₹887 Cr | Dec 2023 ₹954 Cr | Mar 2024 ₹966 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - KLAC: Sep 2021 ₹1.1K Cr | Dec 2021 ₹718 Cr | Mar 2022 ₹731 Cr | Jun 2022 ₹805 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹979 Cr | Mar 2023 ₹698 Cr | Jun 2023 ₹685 Cr | Sep 2023 ₹741 Cr | Dec 2023 ₹583 Cr | Mar 2024 ₹602 Cr | Jun 2024 ₹836 Cr | Sep 2024 ₹946 Cr | Dec 2024 ₹825 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - TER: Sep 2021 ₹328 Cr | Dec 2021 ₹257 Cr | Mar 2022 — | Jun 2022 ₹162 Cr | Sep 2022 ₹198 Cr | Dec 2022 ₹183 Cr | Mar 2023 — | Jun 2023 ₹84 Cr | Sep 2023 ₹120 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹404 Cr | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹207 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹162 Cr | Jun 2026 — - ENTG: Sep 2021 ₹89 Cr | Dec 2021 ₹-117 Cr | Mar 2022 — | Jun 2022 ₹-126 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹-74 Cr | Mar 2023 — | Jun 2023 ₹-88 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹92 Cr | Jun 2026 — - NVMI: Sep 2021 ₹30 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹69 Cr | Jun 2026 — - ONTO: Sep 2021 ₹36 Cr | Dec 2021 — | Mar 2022 ₹47 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹52 Cr | Mar 2023 — | Jun 2023 ₹29 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹28 Cr | Dec 2025 — | Mar 2026 ₹11 Cr | Jun 2026 — - AMKR: Sep 2021 ₹182 Cr | Dec 2021 ₹217 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹306 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹127 Cr | Dec 2025 ₹173 Cr | Mar 2026 ₹84 Cr | Jun 2026 — - FORM: Sep 2021 ₹20 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹-14 Cr | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹20 Cr | Jun 2026 — - CAMT: Sep 2021 ₹19 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹-53 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹32 Cr | Jun 2026 — - ACMR: Sep 2021 ₹11 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹26 Cr | Jun 2026 — - KLIC: Sep 2021 ₹114 Cr | Dec 2021 ₹134 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹65 Cr | Mar 2023 — | Jun 2023 ₹15 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹-103 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹-85 Cr | Jun 2025 ₹-3 Cr | Sep 2025 — | Dec 2025 ₹6 Cr | Mar 2026 ₹17 Cr | Jun 2026 ₹35 Cr - ACLS: Sep 2021 ₹28 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹9 Cr | Jun 2026 — - IPGP: Sep 2021 ₹75 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹-93 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹-234 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - UCTT: Sep 2021 ₹34 Cr | Dec 2021 ₹49 Cr | Mar 2022 — | Jun 2022 ₹31 Cr | Sep 2022 ₹-22 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-161 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-15 Cr | Jun 2026 — - AMBA: Sep 2021 ₹-7 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-36 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹-42 Cr | Mar 2024 ₹-61 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-35 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-16 Cr | Jun 2026 ₹-18 Cr - VECO: Sep 2021 ₹9 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹-85 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - AXTI: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-1 Cr | Jun 2026 — - ICHR: Sep 2021 ₹19 Cr | Dec 2021 ₹15 Cr | Mar 2022 — | Jun 2022 ₹8 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-21 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-23 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-2 Cr | Jun 2026 — - AEHR: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-3 Cr | Jun 2026 — - COHU: Sep 2021 ₹24 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹22 Cr | Mar 2023 — | Jun 2023 ₹16 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹-12 Cr | Jun 2026 — - PLAB: Sep 2021 ₹24 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹43 Cr - DQ: Sep 2021 ₹356 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹667 Cr | Jun 2022 ₹780 Cr | Sep 2022 ₹546 Cr | Dec 2022 ₹486 Cr | Mar 2023 ₹395 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹-158 Cr | Sep 2024 ₹-77 Cr | Dec 2024 ₹-242 Cr | Mar 2025 ₹-93 Cr | Jun 2025 ₹-99 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-122 Cr | Jun 2026 — - ASYS: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - ATOM: Sep 2021 ₹-4 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-6 Cr | Jun 2026 — - INTT: Sep 2021 ₹2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — ### 20-quarter Profit growth history - ASML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 36% | Dec 2022 2.0% | Mar 2023 — | Jun 2023 192% | Sep 2023 34% | Dec 2023 10% | Mar 2024 — | Jun 2024 -20% | Sep 2024 6.6% | Dec 2024 43% | Mar 2025 94% | Jun 2025 44% | Sep 2025 2.4% | Dec 2025 7.1% | Mar 2026 14% | Jun 2026 31% - AMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.4% | Dec 2022 -7.1% | Mar 2023 -4.2% | Jun 2023 2.5% | Sep 2023 -2.9% | Dec 2023 26% | Mar 2024 18% | Jun 2024 9.3% | Sep 2024 9.3% | Dec 2024 -14% | Mar 2025 -41% | Jun 2025 24% | Sep 2025 4.3% | Dec 2025 9.6% | Mar 2026 71% | Jun 2026 31% - LRCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.6% | Sep 2022 21% | Dec 2022 23% | Mar 2023 -20% | Jun 2023 -34% | Sep 2023 -38% | Dec 2023 -35% | Mar 2024 19% | Jun 2024 27% | Sep 2024 26% | Dec 2024 25% | Mar 2025 38% | Jun 2025 69% | Sep 2025 41% | Dec 2025 34% | Mar 2026 37% | Jun 2026 — - KLAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 -3.9% | Dec 2022 36% | Mar 2023 -4.5% | Jun 2023 -15% | Sep 2023 -28% | Dec 2023 -40% | Mar 2024 -14% | Jun 2024 22% | Sep 2024 28% | Dec 2024 42% | Mar 2025 81% | Jun 2025 44% | Sep 2025 19% | Dec 2025 39% | Mar 2026 10% | Jun 2026 — - TER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -40% | Dec 2022 -29% | Mar 2023 — | Jun 2023 -48% | Sep 2023 -39% | Dec 2023 -30% | Mar 2024 — | Jun 2024 121% | Sep 2024 23% | Dec 2024 19% | Mar 2025 63% | Jun 2025 -55% | Sep 2025 -15% | Dec 2025 71% | Mar 2026 288% | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 7.7% | Dec 2025 -51% | Mar 2026 -19% | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 100% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -61% | Dec 2024 168% | Mar 2025 40% | Jun 2025 -22% | Sep 2025 -9.0% | Dec 2025 -52% | Mar 2026 46% | Jun 2026 — - NVMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 17% | Dec 2022 64% | Mar 2023 2.9% | Jun 2023 -14% | Sep 2023 -2.9% | Dec 2023 5.6% | Mar 2024 5.7% | Jun 2024 50% | Sep 2024 50% | Dec 2024 32% | Mar 2025 76% | Jun 2025 51% | Sep 2025 20% | Dec 2025 30% | Mar 2026 6.2% | Jun 2026 — - ONTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 44% | Dec 2022 — | Mar 2023 — | Jun 2023 -45% | Sep 2023 -50% | Dec 2023 -42% | Mar 2024 — | Jun 2024 83% | Sep 2024 104% | Dec 2024 63% | Mar 2025 36% | Jun 2025 -36% | Sep 2025 -47% | Dec 2025 — | Mar 2026 -83% | Jun 2026 — - AMKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.8% | Sep 2022 68% | Dec 2022 -24% | Mar 2023 -74% | Jun 2023 -49% | Sep 2023 -57% | Dec 2023 -27% | Mar 2024 33% | Jun 2024 4.7% | Sep 2024 -7.5% | Dec 2024 -11% | Mar 2025 -63% | Jun 2025 -18% | Sep 2025 3.3% | Dec 2025 63% | Mar 2026 282% | Jun 2026 — - FORM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 -80% | Dec 2022 -154% | Mar 2023 — | Jun 2023 -97% | Sep 2023 -75% | Dec 2023 — | Mar 2024 — | Jun 2024 1,800% | Sep 2024 1,800% | Dec 2024 -87% | Mar 2025 -73% | Jun 2025 -53% | Sep 2025 -16% | Dec 2025 130% | Mar 2026 233% | Jun 2026 — - CAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 11% | Dec 2022 69% | Mar 2023 -5.6% | Jun 2023 0.0% | Sep 2023 4.8% | Dec 2023 -4.6% | Mar 2024 47% | Jun 2024 47% | Sep 2024 50% | Dec 2024 57% | Mar 2025 36% | Jun 2025 21% | Sep 2025 -261% | Dec 2025 9.1% | Mar 2026 -5.9% | Jun 2026 — - ACMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 143% | Sep 2022 145% | Dec 2022 -26% | Mar 2023 — | Jun 2023 100% | Sep 2023 15% | Dec 2023 64% | Mar 2024 144% | Jun 2024 -8.8% | Sep 2024 26% | Dec 2024 70% | Mar 2025 14% | Jun 2025 16% | Sep 2025 18% | Dec 2025 -64% | Mar 2026 4.0% | Jun 2026 — - KLIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.4% | Dec 2022 -51% | Mar 2023 — | Jun 2023 -87% | Sep 2023 -97% | Dec 2023 -86% | Mar 2024 — | Jun 2024 -20% | Sep 2024 200% | Dec 2024 811% | Mar 2025 — | Jun 2025 -125% | Sep 2025 — | Dec 2025 -93% | Mar 2026 — | Jun 2026 — - ACLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 132% | Sep 2022 43% | Dec 2022 58% | Mar 2023 14% | Jun 2023 41% | Sep 2023 65% | Dec 2023 25% | Mar 2024 8.3% | Jun 2024 -18% | Sep 2024 -26% | Dec 2024 -30% | Mar 2025 -44% | Jun 2025 -39% | Sep 2025 -47% | Dec 2025 -32% | Mar 2026 -69% | Jun 2026 — - IPGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 2.7% | Dec 2022 -243% | Mar 2023 -14% | Jun 2023 8.8% | Sep 2023 -29% | Dec 2023 — | Mar 2024 -60% | Jun 2024 -68% | Sep 2024 -525% | Dec 2024 -80% | Mar 2025 -83% | Jun 2025 -65% | Sep 2025 — | Dec 2025 63% | Mar 2026 -50% | Jun 2026 — - UCTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 72% | Sep 2022 -165% | Dec 2022 -43% | Mar 2023 — | Jun 2023 -126% | Sep 2023 — | Dec 2023 -107% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -832% | Sep 2025 — | Dec 2025 -105% | Mar 2026 — | Jun 2026 — - AMBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -2,100% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 67% | Dec 2022 892% | Mar 2023 -31% | Jun 2023 -950% | Sep 2023 67% | Dec 2023 -83% | Mar 2024 144% | Jun 2024 — | Sep 2024 -12% | Dec 2024 95% | Mar 2025 -45% | Jun 2025 -20% | Sep 2025 -50% | Dec 2025 -77% | Mar 2026 -100% | Jun 2026 — - AXTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 75% | Dec 2022 -75% | Mar 2023 -200% | Jun 2023 -171% | Sep 2023 -186% | Dec 2023 -500% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ICHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -65% | Sep 2022 16% | Dec 2022 -6.7% | Mar 2023 — | Jun 2023 -363% | Sep 2023 -145% | Dec 2023 -186% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AEHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 500% | Sep 2022 0.0% | Dec 2022 300% | Mar 2023 100% | Jun 2023 0.0% | Sep 2023 400% | Dec 2023 50% | Mar 2024 -125% | Jun 2024 300% | Sep 2024 -80% | Dec 2024 -117% | Mar 2025 — | Jun 2025 -113% | Sep 2025 -300% | Dec 2025 — | Mar 2026 — | Jun 2026 — - COHU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.2% | Dec 2022 -29% | Mar 2023 — | Jun 2023 -45% | Sep 2023 -56% | Dec 2023 -109% | Mar 2024 — | Jun 2024 -200% | Sep 2024 -264% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 104% | Dec 2022 90% | Mar 2023 -9.4% | Jun 2023 37% | Sep 2023 -2.0% | Dec 2023 15% | Mar 2024 34% | Jun 2024 -5.1% | Sep 2024 0.0% | Dec 2024 -37% | Mar 2025 49% | Jun 2025 -57% | Sep 2025 -40% | Dec 2025 98% | Mar 2026 3.5% | Jun 2026 79% - DQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 221% | Sep 2022 53% | Dec 2022 161% | Mar 2023 -41% | Jun 2023 -79% | Sep 2023 -97% | Dec 2023 -84% | Mar 2024 -93% | Jun 2024 -198% | Sep 2024 -528% | Dec 2024 -410% | Mar 2025 -432% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ASYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 300% | Dec 2022 -400% | Mar 2023 50% | Jun 2023 -110% | Sep 2023 -400% | Dec 2023 — | Mar 2024 -67% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -3,300% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - INTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 50% | Dec 2022 — | Mar 2023 200% | Jun 2023 50% | Sep 2023 -33% | Dec 2023 -67% | Mar 2024 -67% | Jun 2024 -100% | Sep 2024 -100% | Dec 2024 100% | Mar 2025 -300% | Jun 2025 — | Sep 2025 — | Dec 2025 -50% | Mar 2026 — | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: Applied Materials, Inc. reports $635 million of CAPEX; Daqo New Energy Corp. has the highest covered intensity at 107.4%. Coverage is only 28 of 29 companies and 505 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: Applied Materials, Inc. · $635 million | 91.3% versus #2 · Lam Research Corporation | 8/8 recent comparable periods | 28/29 companies · 505 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. Applied Materials, Inc. (AMAT): ₹635 Cr 2. Lam Research Corporation (LRCX): ₹332 Cr 3. ASML Holding N.V. (ASML): ₹299 Cr 4. Amkor Technology, Inc. (AMKR): ₹225 Cr 5. Qnity Electronics, Inc. (Q): ₹122 Cr ### CAPEX intensity — highest reinvestment intensity 1. Daqo New Energy Corp. (DQ): 107% 2. Photronics, Inc. (PLAB): 22% 3. Amkor Technology, Inc. (AMKR): 13% 4. ACM Research, Inc. (ACMR): 9.5% 5. Qnity Electronics, Inc. (Q): 9.3% ### 20-quarter CAPEX history - ASML: Sep 2021 ₹241 Cr | Dec 2021 ₹197 Cr | Mar 2022 — | Jun 2022 ₹240 Cr | Sep 2022 ₹232 Cr | Dec 2022 ₹357 Cr | Mar 2023 — | Jun 2023 ₹532 Cr | Sep 2023 ₹538 Cr | Dec 2023 ₹502 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹531 Cr | Sep 2024 ₹415 Cr | Dec 2024 ₹704 Cr | Mar 2025 ₹415 Cr | Jun 2025 ₹415 Cr | Sep 2025 ₹296 Cr | Dec 2025 ₹448 Cr | Mar 2026 ₹402 Cr | Jun 2026 ₹299 Cr - AMAT: Sep 2021 ₹137 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹210 Cr | Sep 2022 ₹210 Cr | Dec 2022 ₹223 Cr | Mar 2023 ₹287 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹309 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹257 Cr | Sep 2024 ₹297 Cr | Dec 2024 ₹407 Cr | Mar 2025 ₹381 Cr | Jun 2025 ₹510 Cr | Sep 2025 ₹584 Cr | Dec 2025 ₹785 Cr | Mar 2026 ₹646 Cr | Jun 2026 ₹635 Cr - LRCX: Sep 2021 ₹136 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹145 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹288 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹332 Cr | Jun 2026 — - KLAC: Sep 2021 ₹69 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹85 Cr | Jun 2026 — - TER: Sep 2021 ₹35 Cr | Dec 2021 ₹29 Cr | Mar 2022 — | Jun 2022 ₹44 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹39 Cr | Mar 2023 — | Jun 2023 ₹41 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹65 Cr | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹53 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹122 Cr | Jun 2026 — - ENTG: Sep 2021 ₹42 Cr | Dec 2021 ₹49 Cr | Mar 2022 — | Jun 2022 ₹84 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹127 Cr | Mar 2023 — | Jun 2023 ₹134 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹108 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹42 Cr | Jun 2026 — - NVMI: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - ONTO: Sep 2021 ₹2 Cr | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 — | Jun 2023 ₹8 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹5 Cr | Jun 2026 — - AMKR: Sep 2021 ₹218 Cr | Dec 2021 ₹288 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹182 Cr | Sep 2022 ₹235 Cr | Dec 2022 ₹333 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹184 Cr | Sep 2023 ₹229 Cr | Dec 2023 ₹238 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹286 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹432 Cr | Mar 2026 ₹225 Cr | Jun 2026 — - FORM: Sep 2021 ₹20 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹26 Cr | Mar 2023 — | Jun 2023 ₹20 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - CAMT: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 — | Jun 2026 — - ACMR: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹22 Cr | Jun 2026 — - KLIC: Sep 2021 ₹8 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹13 Cr | Mar 2023 — | Jun 2023 ₹11 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 — | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹4 Cr - ACLS: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - IPGP: Sep 2021 ₹40 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - UCTT: Sep 2021 ₹20 Cr | Dec 2021 ₹17 Cr | Mar 2022 — | Jun 2022 ₹28 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - AMBA: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹4 Cr - VECO: Sep 2021 ₹22 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - AXTI: Sep 2021 ₹6 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - ICHR: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 — | Jun 2022 ₹3 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - AEHR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr - COHU: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 — | Jun 2023 ₹5 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - PLAB: Sep 2021 ₹19 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹48 Cr | Jun 2026 ₹46 Cr - DQ: Sep 2021 — | Dec 2021 — | Mar 2022 ₹101 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹277 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹313 Cr | Dec 2023 ₹313 Cr | Mar 2024 ₹180 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹29 Cr | Jun 2026 — - ASYS: Sep 2021 ₹2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - ATOM: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 — - INTT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - ASML: Sep 2021 6.0% | Dec 2021 3.8% | Mar 2022 — | Jun 2022 6.8% | Sep 2022 4.3% | Dec 2022 6.2% | Mar 2023 — | Jun 2023 7.9% | Sep 2023 7.8% | Dec 2023 7.5% | Mar 2024 7.9% | Jun 2024 8.5% | Sep 2024 5.6% | Dec 2024 7.6% | Mar 2025 5.4% | Jun 2025 5.4% | Sep 2025 3.9% | Dec 2025 4.6% | Mar 2026 4.6% | Jun 2026 3.2% - AMAT: Sep 2021 2.2% | Dec 2021 3.4% | Mar 2022 2.3% | Jun 2022 3.4% | Sep 2022 3.2% | Dec 2022 3.3% | Mar 2023 4.3% | Jun 2023 3.8% | Sep 2023 4.0% | Dec 2023 4.6% | Mar 2024 3.4% | Jun 2024 3.9% | Sep 2024 4.4% | Dec 2024 5.8% | Mar 2025 5.3% | Jun 2025 7.2% | Sep 2025 8.0% | Dec 2025 12% | Mar 2026 9.2% | Jun 2026 8.0% - LRCX: Sep 2021 3.2% | Dec 2021 3.3% | Mar 2022 3.6% | Jun 2022 2.7% | Sep 2022 2.8% | Dec 2022 3.1% | Mar 2023 3.1% | Jun 2023 2.5% | Sep 2023 2.2% | Dec 2023 3.1% | Mar 2024 2.7% | Jun 2024 2.6% | Sep 2024 2.7% | Dec 2024 4.3% | Mar 2025 6.1% | Jun 2025 3.3% | Sep 2025 3.5% | Dec 2025 4.9% | Mar 2026 5.7% | Jun 2026 — - KLAC: Sep 2021 3.3% | Dec 2021 2.8% | Mar 2022 4.4% | Jun 2022 2.9% | Sep 2022 3.1% | Dec 2022 3.2% | Mar 2023 3.5% | Jun 2023 3.4% | Sep 2023 2.8% | Dec 2023 3.1% | Mar 2024 3.1% | Jun 2024 2.4% | Sep 2024 2.1% | Dec 2024 3.0% | Mar 2025 2.7% | Jun 2025 3.1% | Sep 2025 3.0% | Dec 2025 3.2% | Mar 2026 2.5% | Jun 2026 — - TER: Sep 2021 3.2% | Dec 2021 3.0% | Mar 2022 — | Jun 2022 5.8% | Sep 2022 5.5% | Dec 2022 4.7% | Mar 2023 — | Jun 2023 6.6% | Sep 2023 5.7% | Dec 2023 5.0% | Mar 2024 7.3% | Jun 2024 6.2% | Sep 2024 7.1% | Dec 2024 7.6% | Mar 2025 9.3% | Jun 2025 7.7% | Sep 2025 6.1% | Dec 2025 5.8% | Mar 2026 5.1% | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.5% | Dec 2024 6.0% | Mar 2025 9.3% | Jun 2025 4.2% | Sep 2025 4.8% | Dec 2025 6.0% | Mar 2026 9.3% | Jun 2026 — - ENTG: Sep 2021 7.4% | Dec 2021 8.5% | Mar 2022 — | Jun 2022 13% | Sep 2022 16% | Dec 2022 13% | Mar 2023 — | Jun 2023 15% | Sep 2023 13% | Dec 2023 16% | Mar 2024 8.7% | Jun 2024 7.3% | Sep 2024 10% | Dec 2024 13% | Mar 2025 14% | Jun 2025 8.5% | Sep 2025 8.3% | Dec 2025 7.0% | Mar 2026 5.2% | Jun 2026 — - NVMI: Sep 2021 0.9% | Dec 2021 1.6% | Mar 2022 3.0% | Jun 2022 2.8% | Sep 2022 3.5% | Dec 2022 5.3% | Mar 2023 2.3% | Jun 2023 2.4% | Sep 2023 3.1% | Dec 2023 6.0% | Mar 2024 2.1% | Jun 2024 1.3% | Sep 2024 2.2% | Dec 2024 4.1% | Mar 2025 4.2% | Jun 2025 1.4% | Sep 2025 1.8% | Dec 2025 5.4% | Mar 2026 1.7% | Jun 2026 — - ONTO: Sep 2021 1.0% | Dec 2021 — | Mar 2022 0.4% | Jun 2022 0.8% | Sep 2022 1.6% | Dec 2022 1.2% | Mar 2023 — | Jun 2023 4.0% | Sep 2023 2.6% | Dec 2023 0.9% | Mar 2024 3.1% | Jun 2024 5.0% | Sep 2024 3.2% | Dec 2024 1.9% | Mar 2025 3.0% | Jun 2025 5.5% | Sep 2025 0.5% | Dec 2025 — | Mar 2026 1.9% | Jun 2026 — - AMKR: Sep 2021 13% | Dec 2021 17% | Mar 2022 9.9% | Jun 2022 12% | Sep 2022 11% | Dec 2022 18% | Mar 2023 6.7% | Jun 2023 13% | Sep 2023 13% | Dec 2023 14% | Mar 2024 7.0% | Jun 2024 11% | Sep 2024 11% | Dec 2024 18% | Mar 2025 6.1% | Jun 2025 9.7% | Sep 2025 12% | Dec 2025 23% | Mar 2026 13% | Jun 2026 — - FORM: Sep 2021 11% | Dec 2021 7.3% | Mar 2022 8.1% | Jun 2022 7.4% | Sep 2022 5.0% | Dec 2022 16% | Mar 2023 — | Jun 2023 12% | Sep 2023 13% | Dec 2023 6.0% | Mar 2024 7.7% | Jun 2024 4.1% | Sep 2024 4.3% | Dec 2024 4.2% | Mar 2025 11% | Jun 2025 34% | Sep 2025 3.9% | Dec 2025 5.1% | Mar 2026 6.6% | Jun 2026 — - CAMT: Sep 2021 1.4% | Dec 2021 2.7% | Mar 2022 2.6% | Jun 2022 2.5% | Sep 2022 2.4% | Dec 2022 2.4% | Mar 2023 2.8% | Jun 2023 2.7% | Sep 2023 2.5% | Dec 2023 2.2% | Mar 2024 3.1% | Jun 2024 2.9% | Sep 2024 1.8% | Dec 2024 1.7% | Mar 2025 2.5% | Jun 2025 2.4% | Sep 2025 3.2% | Dec 2025 3.1% | Mar 2026 — | Jun 2026 — - ACMR: Sep 2021 4.5% | Dec 2021 4.2% | Mar 2022 7.1% | Jun 2022 1.9% | Sep 2022 9.7% | Dec 2022 65% | Mar 2023 20% | Jun 2023 4.8% | Sep 2023 17% | Dec 2023 7.1% | Mar 2024 16% | Jun 2024 6.4% | Sep 2024 16% | Dec 2024 4.9% | Mar 2025 9.9% | Jun 2025 7.0% | Sep 2025 4.1% | Dec 2025 5.7% | Mar 2026 9.5% | Jun 2026 — - KLIC: Sep 2021 1.9% | Dec 2021 1.2% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 1.3% | Dec 2022 4.5% | Mar 2023 — | Jun 2023 6.4% | Sep 2023 5.8% | Dec 2023 2.3% | Mar 2024 4.1% | Jun 2024 1.6% | Sep 2024 1.1% | Dec 2024 6.0% | Mar 2025 1.2% | Jun 2025 1.4% | Sep 2025 — | Dec 2025 1.7% | Mar 2026 1.5% | Jun 2026 1.6% - ACLS: Sep 2021 1.7% | Dec 2021 1.5% | Mar 2022 1.0% | Jun 2022 0.9% | Sep 2022 1.7% | Dec 2022 1.5% | Mar 2023 0.8% | Jun 2023 1.1% | Sep 2023 1.7% | Dec 2023 3.2% | Mar 2024 0.8% | Jun 2024 0.8% | Sep 2024 1.6% | Dec 2024 2.0% | Mar 2025 2.6% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 0.8% | Mar 2026 1.0% | Jun 2026 — - IPGP: Sep 2021 11% | Dec 2021 8.0% | Mar 2022 6.8% | Jun 2022 9.3% | Sep 2022 7.2% | Dec 2022 7.8% | Mar 2023 9.5% | Jun 2023 7.6% | Sep 2023 8.6% | Dec 2023 8.4% | Mar 2024 11% | Jun 2024 9.3% | Sep 2024 9.9% | Dec 2024 9.8% | Mar 2025 11% | Jun 2025 6.0% | Sep 2025 8.4% | Dec 2025 6.6% | Mar 2026 6.0% | Jun 2026 — - UCTT: Sep 2021 3.6% | Dec 2021 2.8% | Mar 2022 — | Jun 2022 5.0% | Sep 2022 3.0% | Dec 2022 5.7% | Mar 2023 6.2% | Jun 2023 4.7% | Sep 2023 2.8% | Dec 2023 3.8% | Mar 2024 3.8% | Jun 2024 2.5% | Sep 2024 2.8% | Dec 2024 3.0% | Mar 2025 2.3% | Jun 2025 3.3% | Sep 2025 2.2% | Dec 2025 2.0% | Mar 2026 1.9% | Jun 2026 — - AMBA: Sep 2021 2.5% | Dec 2021 2.2% | Mar 2022 3.3% | Jun 2022 5.6% | Sep 2022 3.7% | Dec 2022 6.0% | Mar 2023 2.4% | Jun 2023 3.2% | Sep 2023 8.1% | Dec 2023 3.9% | Mar 2024 3.8% | Jun 2024 1.9% | Sep 2024 4.7% | Dec 2024 3.6% | Mar 2025 4.8% | Jun 2025 5.8% | Sep 2025 4.2% | Dec 2025 2.8% | Mar 2026 4.0% | Jun 2026 4.0% - VECO: Sep 2021 15% | Dec 2021 5.9% | Mar 2022 7.1% | Jun 2022 3.0% | Sep 2022 3.5% | Dec 2022 1.9% | Mar 2023 4.5% | Jun 2023 2.5% | Sep 2023 3.4% | Dec 2023 6.3% | Mar 2024 3.4% | Jun 2024 1.7% | Sep 2024 2.2% | Dec 2024 2.7% | Mar 2025 4.2% | Jun 2025 2.4% | Sep 2025 1.8% | Dec 2025 1.8% | Mar 2026 3.2% | Jun 2026 — - AXTI: Sep 2021 17% | Dec 2021 29% | Mar 2022 15% | Jun 2022 39% | Sep 2022 23% | Dec 2022 0.0% | Mar 2023 21% | Jun 2023 16% | Sep 2023 24% | Dec 2023 55% | Mar 2024 17% | Jun 2024 0.0% | Sep 2024 4.2% | Dec 2024 0.0% | Mar 2025 5.3% | Jun 2025 0.0% | Sep 2025 7.1% | Dec 2025 13% | Mar 2026 3.7% | Jun 2026 — - ICHR: Sep 2021 1.1% | Dec 2021 0.7% | Mar 2022 — | Jun 2022 1.0% | Sep 2022 3.3% | Dec 2022 2.3% | Mar 2023 3.1% | Jun 2023 2.2% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 2.0% | Jun 2024 1.5% | Sep 2024 2.8% | Dec 2024 1.7% | Mar 2025 7.4% | Jun 2025 2.9% | Sep 2025 2.9% | Dec 2025 1.3% | Mar 2026 2.7% | Jun 2026 — - AEHR: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 4.5% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 11% | Jun 2025 21% | Sep 2025 9.1% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - COHU: Sep 2021 1.3% | Dec 2021 1.6% | Mar 2022 1.5% | Jun 2022 1.4% | Sep 2022 2.4% | Dec 2022 2.1% | Mar 2023 — | Jun 2023 2.8% | Sep 2023 1.8% | Dec 2023 2.9% | Mar 2024 2.8% | Jun 2024 1.9% | Sep 2024 2.1% | Dec 2024 3.2% | Mar 2025 11% | Jun 2025 2.8% | Sep 2025 3.2% | Dec 2025 2.5% | Mar 2026 1.6% | Jun 2026 — - PLAB: Sep 2021 11% | Dec 2021 9.4% | Mar 2022 10% | Jun 2022 7.8% | Sep 2022 5.5% | Dec 2022 31% | Mar 2023 15% | Jun 2023 12% | Sep 2023 9.4% | Dec 2023 23% | Mar 2024 20% | Jun 2024 9.2% | Sep 2024 11% | Dec 2024 19% | Mar 2025 17% | Jun 2025 29% | Sep 2025 12% | Dec 2025 32% | Mar 2026 21% | Jun 2026 22% - DQ: Sep 2021 — | Dec 2021 — | Mar 2022 7.9% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 39% | Jun 2023 33% | Sep 2023 65% | Dec 2023 66% | Mar 2024 43% | Jun 2024 51% | Sep 2024 17% | Dec 2024 17% | Mar 2025 47% | Jun 2025 40% | Sep 2025 14% | Dec 2025 24% | Mar 2026 107% | Jun 2026 — - ASYS: Sep 2021 8.3% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 3.1% | Dec 2022 0.0% | Mar 2023 3.0% | Jun 2023 3.2% | Sep 2023 3.6% | Dec 2023 4.0% | Mar 2024 4.0% | Jun 2024 11% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 5.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - ATOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - INTT: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 3.3% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 3.0% | Mar 2026 2.9% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: ASML Holding N.V. has the clearest covered balance-sheet capacity with $3,862 million net cash and gross debt of $3,720 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Daqo New Energy Corp. · $0 million | null versus #2 · IPG Photonics Corporation | 8/8 recent comparable periods | 28/29 companies · 511 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Daqo New Energy Corp. (DQ): ₹0 Cr 2. IPG Photonics Corporation (IPGP): ₹0 Cr 3. Onto Innovation Inc. (ONTO): ₹0 Cr 4. Atomera Incorporated (ATOM): ₹1 Cr 5. Photronics, Inc. (PLAB): ₹4 Cr ### Net debt — lowest net debt 1. ASML Holding N.V. (ASML): ₹-3.9K Cr 2. Daqo New Energy Corp. (DQ): ₹-1.9K Cr 3. Applied Materials, Inc. (AMAT): ₹-1.8K Cr 4. Lam Research Corporation (LRCX): ₹-1.0K Cr 5. ACM Research, Inc. (ACMR): ₹-950 Cr ### 20-quarter Gross debt history - ASML: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 — | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 — | Jun 2023 ₹3.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹3.7K Cr - AMAT: Sep 2021 ₹5.5K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.5K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.7K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹6.3K Cr | Mar 2025 ₹6.3K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 ₹6.5K Cr - LRCX: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 — - KLAC: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.1K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.6K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 — - TER: Sep 2021 ₹301 Cr | Dec 2021 ₹214 Cr | Mar 2022 — | Jun 2022 ₹170 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹134 Cr | Mar 2023 — | Jun 2023 ₹120 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹269 Cr | Dec 2025 ₹283 Cr | Mar 2026 ₹82 Cr | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹1.7K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 — - ENTG: Sep 2021 ₹990 Cr | Dec 2021 ₹989 Cr | Mar 2022 — | Jun 2022 ₹999 Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 — | Jun 2023 ₹5.9K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - NVMI: Sep 2021 ₹217 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹249 Cr | Jun 2022 ₹245 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹245 Cr | Jun 2023 ₹243 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹241 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹236 Cr | Jun 2025 ₹209 Cr | Sep 2025 ₹884 Cr | Dec 2025 ₹799 Cr | Mar 2026 ₹800 Cr | Jun 2026 — - ONTO: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 — - AMKR: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - FORM: Sep 2021 ₹67 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹50 Cr | Mar 2023 — | Jun 2023 ₹49 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹32 Cr | Jun 2026 — - CAMT: Sep 2021 ₹0 Cr | Dec 2021 ₹195 Cr | Mar 2022 ₹195 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹195 Cr | Dec 2022 ₹196 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹197 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹519 Cr | Dec 2025 ₹520 Cr | Mar 2026 ₹488 Cr | Jun 2026 — - ACMR: Sep 2021 ₹45 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹189 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹287 Cr | Sep 2025 ₹297 Cr | Dec 2025 ₹298 Cr | Mar 2026 ₹337 Cr | Jun 2026 — - KLIC: Sep 2021 ₹21 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹42 Cr | Mar 2023 — | Jun 2023 ₹47 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹36 Cr | Sep 2025 — | Dec 2025 ₹39 Cr | Mar 2026 ₹37 Cr | Jun 2026 ₹40 Cr - ACLS: Sep 2021 ₹48 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹42 Cr | Jun 2026 — - IPGP: Sep 2021 ₹35 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - UCTT: Sep 2021 ₹656 Cr | Dec 2021 ₹635 Cr | Mar 2022 — | Jun 2022 ₹637 Cr | Sep 2022 ₹624 Cr | Dec 2022 ₹611 Cr | Mar 2023 ₹606 Cr | Jun 2023 ₹617 Cr | Sep 2023 ₹629 Cr | Dec 2023 ₹640 Cr | Mar 2024 ₹647 Cr | Jun 2024 ₹666 Cr | Sep 2024 ₹667 Cr | Dec 2024 ₹660 Cr | Mar 2025 ₹646 Cr | Jun 2025 ₹648 Cr | Sep 2025 ₹650 Cr | Dec 2025 ₹654 Cr | Mar 2026 ₹780 Cr | Jun 2026 — - AMBA: Sep 2021 ₹11 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹13 Cr - VECO: Sep 2021 ₹362 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹306 Cr | Jun 2022 ₹306 Cr | Sep 2022 ₹306 Cr | Dec 2022 ₹308 Cr | Mar 2023 ₹288 Cr | Jun 2023 ₹307 Cr | Sep 2023 ₹307 Cr | Dec 2023 ₹306 Cr | Mar 2024 ₹306 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹310 Cr | Dec 2024 ₹311 Cr | Mar 2025 ₹284 Cr | Jun 2025 ₹259 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹258 Cr | Mar 2026 ₹257 Cr | Jun 2026 — - AXTI: Sep 2021 ₹15 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹70 Cr | Jun 2026 — - ICHR: Sep 2021 ₹173 Cr | Dec 2021 ₹323 Cr | Mar 2022 — | Jun 2022 ₹325 Cr | Sep 2022 ₹340 Cr | Dec 2022 ₹342 Cr | Mar 2023 ₹340 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹318 Cr | Dec 2023 ₹286 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹159 Cr | Jun 2026 — - AEHR: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹10 Cr - COHU: Sep 2021 ₹141 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹98 Cr | Mar 2023 — | Jun 2023 ₹62 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹328 Cr | Mar 2026 ₹327 Cr | Jun 2026 — - PLAB: Sep 2021 ₹118 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹4 Cr - DQ: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - ASYS: Sep 2021 ₹14 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - ATOM: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - INTT: Sep 2021 ₹7 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹18 Cr | Jun 2026 — ### 20-quarter Net debt history - ASML: Sep 2021 ₹-746 Cr | Dec 2021 ₹-350 Cr | Mar 2022 — | Jun 2022 ₹-771 Cr | Sep 2022 ₹-17 Cr | Dec 2022 ₹140 Cr | Mar 2023 — | Jun 2023 ₹-3.1K Cr | Sep 2023 ₹-1.8K Cr | Dec 2023 ₹-459 Cr | Mar 2024 ₹-794 Cr | Jun 2024 ₹-411 Cr | Sep 2024 ₹-293 Cr | Dec 2024 ₹-8.1K Cr | Mar 2025 ₹-5.4K Cr | Jun 2025 ₹-2.5K Cr | Sep 2025 ₹-2.4K Cr | Dec 2025 ₹-8.9K Cr | Mar 2026 ₹-5.7K Cr | Jun 2026 ₹-3.9K Cr - AMAT: Sep 2021 ₹-1.1K Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-283 Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹560 Cr | Sep 2023 ₹-876 Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-1.9K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-2.8K Cr | Dec 2024 ₹-3.2K Cr | Mar 2025 ₹-2.0K Cr | Jun 2025 ₹-486 Cr | Sep 2025 ₹-752 Cr | Dec 2025 ₹-2.0K Cr | Mar 2026 ₹-2.0K Cr | Jun 2026 ₹-1.8K Cr - LRCX: Sep 2021 ₹383 Cr | Dec 2021 ₹-335 Cr | Mar 2022 ₹653 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹626 Cr | Dec 2022 ₹415 Cr | Mar 2023 ₹-365 Cr | Jun 2023 ₹-325 Cr | Sep 2023 ₹-173 Cr | Dec 2023 ₹-654 Cr | Mar 2024 ₹-689 Cr | Jun 2024 ₹-865 Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-683 Cr | Mar 2025 ₹-967 Cr | Jun 2025 ₹-1.9K Cr | Sep 2025 ₹-2.2K Cr | Dec 2025 ₹-1.7K Cr | Mar 2026 ₹-1.0K Cr | Jun 2026 — - KLAC: Sep 2021 ₹818 Cr | Dec 2021 ₹634 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹679 Cr | Mar 2026 ₹929 Cr | Jun 2026 — - TER: Sep 2021 ₹-936 Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 — | Jun 2022 ₹-907 Cr | Sep 2022 ₹-632 Cr | Dec 2022 ₹-642 Cr | Mar 2023 — | Jun 2023 ₹-622 Cr | Sep 2023 ₹-590 Cr | Dec 2023 ₹-606 Cr | Mar 2024 ₹-666 Cr | Jun 2024 ₹-381 Cr | Sep 2024 ₹-473 Cr | Dec 2024 ₹-476 Cr | Mar 2025 ₹-439 Cr | Jun 2025 ₹-294 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹-160 Cr | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-139 Cr | Dec 2023 ₹-139 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-166 Cr | Dec 2024 ₹-166 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹1.6K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 — - ENTG: Sep 2021 ₹589 Cr | Dec 2021 ₹513 Cr | Mar 2022 — | Jun 2022 ₹646 Cr | Sep 2022 ₹727 Cr | Dec 2022 ₹5.2K Cr | Mar 2023 — | Jun 2023 ₹5.2K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 — - NVMI: Sep 2021 ₹-193 Cr | Dec 2021 ₹-189 Cr | Mar 2022 ₹-92 Cr | Jun 2022 ₹-119 Cr | Sep 2022 ₹-90 Cr | Dec 2022 ₹-127 Cr | Mar 2023 ₹-144 Cr | Jun 2023 ₹-173 Cr | Sep 2023 ₹-232 Cr | Dec 2023 ₹-200 Cr | Mar 2024 ₹-253 Cr | Jun 2024 ₹-297 Cr | Sep 2024 ₹-360 Cr | Dec 2024 ₹-351 Cr | Mar 2025 ₹-306 Cr | Jun 2025 ₹-348 Cr | Sep 2025 ₹-204 Cr | Dec 2025 ₹-250 Cr | Mar 2026 ₹-299 Cr | Jun 2026 — - ONTO: Sep 2021 ₹-462 Cr | Dec 2021 — | Mar 2022 ₹-511 Cr | Jun 2022 ₹-542 Cr | Sep 2022 ₹-545 Cr | Dec 2022 ₹-553 Cr | Mar 2023 — | Jun 2023 ₹-584 Cr | Sep 2023 ₹-610 Cr | Dec 2023 ₹-698 Cr | Mar 2024 ₹-741 Cr | Jun 2024 ₹-786 Cr | Sep 2024 ₹-855 Cr | Dec 2024 ₹-852 Cr | Mar 2025 ₹-851 Cr | Jun 2025 ₹-895 Cr | Sep 2025 ₹-984 Cr | Dec 2025 — | Mar 2026 ₹-640 Cr | Jun 2026 — - AMKR: Sep 2021 ₹312 Cr | Dec 2021 ₹208 Cr | Mar 2022 ₹240 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹336 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹-301 Cr | Mar 2024 ₹-342 Cr | Jun 2024 ₹-363 Cr | Sep 2024 ₹-279 Cr | Dec 2024 ₹-403 Cr | Mar 2025 ₹-334 Cr | Jun 2025 ₹-394 Cr | Sep 2025 ₹-219 Cr | Dec 2025 ₹-474 Cr | Mar 2026 ₹-367 Cr | Jun 2026 — - FORM: Sep 2021 ₹-198 Cr | Dec 2021 ₹-213 Cr | Mar 2022 ₹-235 Cr | Jun 2022 ₹-209 Cr | Sep 2022 ₹-199 Cr | Dec 2022 ₹-188 Cr | Mar 2023 — | Jun 2023 ₹-187 Cr | Sep 2023 ₹-188 Cr | Dec 2023 ₹-280 Cr | Mar 2024 ₹-303 Cr | Jun 2024 ₹-314 Cr | Sep 2024 ₹-312 Cr | Dec 2024 ₹-321 Cr | Mar 2025 ₹-262 Cr | Jun 2025 ₹-213 Cr | Sep 2025 ₹-233 Cr | Dec 2025 ₹-243 Cr | Mar 2026 ₹-271 Cr | Jun 2026 — - CAMT: Sep 2021 ₹-205 Cr | Dec 2021 ₹-203 Cr | Mar 2022 ₹-188 Cr | Jun 2022 ₹-196 Cr | Sep 2022 ₹-197 Cr | Dec 2022 ₹-204 Cr | Mar 2023 ₹-220 Cr | Jun 2023 ₹-235 Cr | Sep 2023 ₹-193 Cr | Dec 2023 ₹-157 Cr | Mar 2024 ₹-180 Cr | Jun 2024 ₹-169 Cr | Sep 2024 ₹-201 Cr | Dec 2024 ₹-190 Cr | Mar 2025 ₹-224 Cr | Jun 2025 ₹-238 Cr | Sep 2025 ₹-120 Cr | Dec 2025 ₹-148 Cr | Mar 2026 ₹-182 Cr | Jun 2026 — - ACMR: Sep 2021 ₹-50 Cr | Dec 2021 ₹-554 Cr | Mar 2022 ₹-442 Cr | Jun 2022 ₹-387 Cr | Sep 2022 ₹-343 Cr | Dec 2022 ₹-259 Cr | Mar 2023 ₹-192 Cr | Jun 2023 ₹-189 Cr | Sep 2023 ₹-217 Cr | Dec 2023 ₹-186 Cr | Mar 2024 ₹-158 Cr | Jun 2024 ₹-221 Cr | Sep 2024 ₹-200 Cr | Dec 2024 ₹-259 Cr | Mar 2025 ₹-266 Cr | Jun 2025 ₹-218 Cr | Sep 2025 ₹-841 Cr | Dec 2025 ₹-870 Cr | Mar 2026 ₹-950 Cr | Jun 2026 — - KLIC: Sep 2021 ₹-614 Cr | Dec 2021 ₹-697 Cr | Mar 2022 ₹-767 Cr | Jun 2022 ₹-650 Cr | Sep 2022 ₹-704 Cr | Dec 2022 ₹-734 Cr | Mar 2023 — | Jun 2023 ₹-687 Cr | Sep 2023 ₹-664 Cr | Dec 2023 ₹-662 Cr | Mar 2024 ₹-594 Cr | Jun 2024 ₹-562 Cr | Sep 2024 ₹-536 Cr | Dec 2024 ₹-500 Cr | Mar 2025 ₹-546 Cr | Jun 2025 ₹-520 Cr | Sep 2025 — | Dec 2025 ₹-472 Cr | Mar 2026 ₹-444 Cr | Jun 2026 ₹-448 Cr - ACLS: Sep 2021 ₹-223 Cr | Dec 2021 ₹-248 Cr | Mar 2022 ₹-250 Cr | Jun 2022 ₹-240 Cr | Sep 2022 ₹-295 Cr | Dec 2022 ₹-386 Cr | Mar 2023 ₹-399 Cr | Jun 2023 ₹-407 Cr | Sep 2023 ₹-415 Cr | Dec 2023 ₹-461 Cr | Mar 2024 ₹-485 Cr | Jun 2024 ₹-504 Cr | Sep 2024 ₹-535 Cr | Dec 2024 ₹-527 Cr | Mar 2025 ₹-544 Cr | Jun 2025 ₹-507 Cr | Sep 2025 ₹-407 Cr | Dec 2025 ₹-332 Cr | Mar 2026 ₹-325 Cr | Jun 2026 — - IPGP: Sep 2021 ₹-1.5K Cr | Dec 2021 ₹-1.5K Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 ₹-1.2K Cr | Sep 2022 ₹-1.2K Cr | Dec 2022 ₹-1.2K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-1.1K Cr | Sep 2023 ₹-1.1K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-1.0K Cr | Dec 2024 ₹-930 Cr | Mar 2025 ₹-927 Cr | Jun 2025 ₹-900 Cr | Sep 2025 ₹-870 Cr | Dec 2025 ₹-839 Cr | Mar 2026 ₹-813 Cr | Jun 2026 — - UCTT: Sep 2021 ₹199 Cr | Dec 2021 ₹168 Cr | Mar 2022 — | Jun 2022 ₹270 Cr | Sep 2022 ₹203 Cr | Dec 2022 ₹252 Cr | Mar 2023 ₹284 Cr | Jun 2023 ₹296 Cr | Sep 2023 ₹287 Cr | Dec 2023 ₹333 Cr | Mar 2024 ₹354 Cr | Jun 2024 ₹346 Cr | Sep 2024 ₹349 Cr | Dec 2024 ₹346 Cr | Mar 2025 ₹328 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹342 Cr | Mar 2026 ₹456 Cr | Jun 2026 — - AMBA: Sep 2021 ₹-438 Cr | Dec 2021 ₹-445 Cr | Mar 2022 ₹-159 Cr | Jun 2022 ₹-190 Cr | Sep 2022 ₹-187 Cr | Dec 2022 ₹-190 Cr | Mar 2023 ₹-198 Cr | Jun 2023 ₹-219 Cr | Sep 2023 ₹-210 Cr | Dec 2023 ₹-216 Cr | Mar 2024 ₹-215 Cr | Jun 2024 ₹-199 Cr | Sep 2024 ₹-213 Cr | Dec 2024 ₹-221 Cr | Mar 2025 ₹-245 Cr | Jun 2025 ₹-255 Cr | Sep 2025 ₹-258 Cr | Dec 2025 ₹-281 Cr | Mar 2026 ₹-300 Cr | Jun 2026 ₹-265 Cr - VECO: Sep 2021 ₹26 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹-69 Cr | Jun 2025 ₹-96 Cr | Sep 2025 ₹-111 Cr | Dec 2025 ₹-132 Cr | Mar 2026 ₹-126 Cr | Jun 2026 — - AXTI: Sep 2021 ₹-34 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-13 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹-64 Cr | Mar 2026 ₹-53 Cr | Jun 2026 — - ICHR: Sep 2021 ₹-54 Cr | Dec 2021 ₹248 Cr | Mar 2022 — | Jun 2022 ₹290 Cr | Sep 2022 ₹294 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹271 Cr | Jun 2023 ₹247 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹70 Cr | Jun 2026 — - AEHR: Sep 2021 ₹-5 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹-31 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-36 Cr | Mar 2023 ₹-37 Cr | Jun 2023 ₹-42 Cr | Sep 2023 ₹-45 Cr | Dec 2023 ₹-45 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹-43 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-26 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-21 Cr | Mar 2026 ₹-27 Cr | Jun 2026 ₹-106 Cr - COHU: Sep 2021 ₹-224 Cr | Dec 2021 ₹-240 Cr | Mar 2022 ₹-229 Cr | Jun 2022 ₹-256 Cr | Sep 2022 ₹-271 Cr | Dec 2022 ₹-288 Cr | Mar 2023 — | Jun 2023 ₹-262 Cr | Sep 2023 ₹-313 Cr | Dec 2023 ₹-282 Cr | Mar 2024 ₹-248 Cr | Jun 2024 ₹-241 Cr | Sep 2024 ₹-248 Cr | Dec 2024 ₹-243 Cr | Mar 2025 ₹-174 Cr | Jun 2025 ₹-159 Cr | Sep 2025 ₹-148 Cr | Dec 2025 ₹-156 Cr | Mar 2026 ₹-162 Cr | Jun 2026 — - PLAB: Sep 2021 ₹-165 Cr | Dec 2021 ₹-165 Cr | Mar 2022 ₹-217 Cr | Jun 2022 ₹-246 Cr | Sep 2022 ₹-324 Cr | Dec 2022 ₹-317 Cr | Mar 2023 ₹-340 Cr | Jun 2023 ₹-385 Cr | Sep 2023 ₹-449 Cr | Dec 2023 ₹-487 Cr | Mar 2024 ₹-499 Cr | Jun 2024 ₹-538 Cr | Sep 2024 ₹-586 Cr | Dec 2024 ₹-623 Cr | Mar 2025 ₹-639 Cr | Jun 2025 ₹-558 Cr | Sep 2025 ₹-576 Cr | Dec 2025 ₹-588 Cr | Mar 2026 ₹-637 Cr | Jun 2026 ₹-634 Cr - DQ: Sep 2021 ₹-1.1K Cr | Dec 2021 ₹-1.0K Cr | Mar 2022 ₹-1.1K Cr | Jun 2022 ₹-3.3K Cr | Sep 2022 ₹-3.1K Cr | Dec 2022 ₹-3.5K Cr | Mar 2023 ₹-4.0K Cr | Jun 2023 ₹-3.2K Cr | Sep 2023 ₹-3.3K Cr | Dec 2023 ₹-3.0K Cr | Mar 2024 ₹-2.7K Cr | Jun 2024 ₹-2.4K Cr | Sep 2024 ₹-2.3K Cr | Dec 2024 ₹-2.1K Cr | Mar 2025 ₹-2.1K Cr | Jun 2025 ₹-2.0K Cr | Sep 2025 ₹-2.0K Cr | Dec 2025 ₹-1.9K Cr | Mar 2026 ₹-1.9K Cr | Jun 2026 — - ASYS: Sep 2021 ₹-19 Cr | Dec 2021 ₹-18 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-34 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-5 Cr | Jun 2026 — - ATOM: Sep 2021 ₹-25 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-20 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-40 Cr | Jun 2026 — - INTT: Sep 2021 ₹-12 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹2 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: Teradyne, Inc. leads ROCE at 14.6%, 1 percentage points above Lam Research Corporation. Amtech Systems, Inc. has the strongest latest improvement at +42.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Teradyne, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Teradyne, Inc. · 14.6% | 7.4% versus #2 · Lam Research Corporation | 4/8 recent comparable periods | 28/29 companies · 504 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Teradyne, Inc. (TER): 15% 2. Lam Research Corporation (LRCX): 14% 3. KLA Corporation (KLAC): 12% 4. ASML Holding N.V. (ASML): 11% 5. Applied Materials, Inc. (AMAT): 8.9% ### ROCE change — fastest improvers 1. Amtech Systems, Inc. (ASYS): +42.7 pp 2. Teradyne, Inc. (TER): +10.5 pp 3. Atomera Incorporated (ATOM): +5.7 pp 4. Kulicke and Soffa Industries, Inc. (KLIC): +4.6 pp 5. AXT, Inc. (AXTI): +3.3 pp ### 20-quarter ROCE history - ASML: Sep 2021 — | Dec 2021 9.9% | Mar 2022 — | Jun 2022 4.2% | Sep 2022 9.1% | Dec 2022 11% | Mar 2023 — | Jun 2023 13% | Sep 2023 12% | Dec 2023 11% | Mar 2024 6.6% | Jun 2024 8.2% | Sep 2024 10% | Dec 2024 11% | Mar 2025 11% | Jun 2025 9.6% | Sep 2025 9.6% | Dec 2025 11% | Mar 2026 12% | Jun 2026 11% - AMAT: Sep 2021 — | Dec 2021 11% | Mar 2022 10% | Jun 2022 9.9% | Sep 2022 9.9% | Dec 2022 10% | Mar 2023 9.9% | Jun 2023 9.5% | Sep 2023 8.7% | Dec 2023 9.2% | Mar 2024 8.7% | Jun 2024 8.3% | Sep 2024 8.0% | Dec 2024 8.3% | Mar 2025 8.7% | Jun 2025 8.6% | Sep 2025 8.5% | Dec 2025 6.3% | Mar 2026 6.6% | Jun 2026 8.9% - LRCX: Sep 2021 12% | Dec 2021 11% | Mar 2022 9.9% | Jun 2022 12% | Sep 2022 13% | Dec 2022 12% | Mar 2023 6.9% | Jun 2023 6.3% | Sep 2023 7.3% | Dec 2023 7.2% | Mar 2024 7.4% | Jun 2024 7.8% | Sep 2024 8.9% | Dec 2024 9.2% | Mar 2025 11% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 14% | Jun 2026 — - KLAC: Sep 2021 10% | Dec 2021 12% | Mar 2022 11% | Jun 2022 11% | Sep 2022 12% | Dec 2022 13% | Mar 2023 8.8% | Jun 2023 8.2% | Sep 2023 8.9% | Dec 2023 7.3% | Mar 2024 7.1% | Jun 2024 9.3% | Sep 2024 11% | Dec 2024 9.8% | Mar 2025 12% | Jun 2025 12% | Sep 2025 12% | Dec 2025 12% | Mar 2026 12% | Jun 2026 — - TER: Sep 2021 — | Dec 2021 11% | Mar 2022 — | Jun 2022 6.3% | Sep 2022 8.7% | Dec 2022 8.2% | Mar 2023 — | Jun 2023 3.3% | Sep 2023 5.2% | Dec 2023 5.4% | Mar 2024 2.8% | Jun 2024 7.3% | Sep 2024 5.2% | Dec 2024 5.2% | Mar 2025 4.1% | Jun 2025 3.0% | Sep 2025 4.7% | Dec 2025 9.5% | Mar 2026 15% | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 2.1% | Dec 2024 2.0% | Mar 2025 — | Jun 2025 — | Sep 2025 2.4% | Dec 2025 2.0% | Mar 2026 4.2% | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 5.3% | Mar 2022 — | Jun 2022 5.9% | Sep 2022 3.9% | Dec 2022 0.2% | Mar 2023 — | Jun 2023 0.2% | Sep 2023 -0.6% | Dec 2023 0.5% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 1.6% | Dec 2024 1.9% | Mar 2025 1.5% | Jun 2025 1.3% | Sep 2025 1.6% | Dec 2025 1.3% | Mar 2026 1.8% | Jun 2026 — - NVMI: Sep 2021 8.0% | Dec 2021 5.4% | Mar 2022 6.3% | Jun 2022 5.9% | Sep 2022 6.0% | Dec 2022 5.4% | Mar 2023 4.9% | Jun 2023 3.8% | Sep 2023 4.3% | Dec 2023 4.1% | Mar 2024 4.3% | Jun 2024 5.6% | Sep 2024 5.7% | Dec 2024 6.1% | Mar 2025 6.6% | Jun 2025 6.3% | Sep 2025 4.3% | Dec 2025 3.9% | Mar 2026 5.6% | Jun 2026 — - ONTO: Sep 2021 3.1% | Dec 2021 — | Mar 2022 3.5% | Jun 2022 4.0% | Sep 2022 3.8% | Dec 2022 3.9% | Mar 2023 — | Jun 2023 1.8% | Sep 2023 1.5% | Dec 2023 1.7% | Mar 2024 2.5% | Jun 2024 2.8% | Sep 2024 2.9% | Dec 2024 2.3% | Mar 2025 3.4% | Jun 2025 1.7% | Sep 2025 1.2% | Dec 2025 — | Mar 2026 0.7% | Jun 2026 — - AMKR: Sep 2021 5.4% | Dec 2021 6.3% | Mar 2022 5.0% | Jun 2022 3.4% | Sep 2022 7.1% | Dec 2022 4.7% | Mar 2023 1.4% | Jun 2023 1.6% | Sep 2023 3.3% | Dec 2023 3.0% | Mar 2024 1.4% | Jun 2024 1.6% | Sep 2024 2.8% | Dec 2024 2.5% | Mar 2025 0.6% | Jun 2025 1.6% | Sep 2025 2.8% | Dec 2025 3.1% | Mar 2026 1.7% | Jun 2026 — - FORM: Sep 2021 2.9% | Dec 2021 3.8% | Mar 2022 3.9% | Jun 2022 3.8% | Sep 2022 0.5% | Dec 2022 -1.8% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 -0.1% | Dec 2023 8.9% | Mar 2024 2.3% | Jun 2024 1.9% | Sep 2024 1.9% | Dec 2024 0.8% | Mar 2025 0.3% | Jun 2025 1.2% | Sep 2025 1.7% | Dec 2025 2.2% | Mar 2026 1.5% | Jun 2026 — - CAMT: Sep 2021 9.2% | Dec 2021 5.3% | Mar 2022 5.1% | Jun 2022 5.2% | Sep 2022 4.9% | Dec 2022 3.8% | Mar 2023 2.5% | Jun 2023 2.5% | Sep 2023 3.1% | Dec 2023 2.7% | Mar 2024 3.4% | Jun 2024 3.9% | Sep 2024 4.3% | Dec 2024 4.3% | Mar 2025 4.5% | Jun 2025 4.2% | Sep 2025 3.5% | Dec 2025 3.3% | Mar 2026 2.7% | Jun 2026 — - ACMR: Sep 2021 5.0% | Dec 2021 3.5% | Mar 2022 -1.7% | Jun 2022 3.7% | Sep 2022 5.9% | Dec 2022 2.0% | Mar 2023 1.0% | Jun 2023 3.6% | Sep 2023 3.8% | Dec 2023 2.6% | Mar 2024 2.7% | Jun 2024 3.9% | Sep 2024 4.2% | Dec 2024 4.0% | Mar 2025 2.2% | Jun 2025 2.6% | Sep 2025 1.8% | Dec 2025 1.4% | Mar 2026 2.0% | Jun 2026 — - KLIC: Sep 2021 — | Dec 2021 14% | Mar 2022 13% | Jun 2022 11% | Sep 2022 9.9% | Dec 2022 5.2% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 -0.3% | Dec 2023 0.1% | Mar 2024 -8.5% | Jun 2024 0.7% | Sep 2024 0.2% | Dec 2024 7.3% | Mar 2025 -8.1% | Jun 2025 -0.6% | Sep 2025 — | Dec 2025 0.1% | Mar 2026 1.8% | Jun 2026 4.0% - ACLS: Sep 2021 6.6% | Dec 2021 8.1% | Mar 2022 8.3% | Jun 2022 8.9% | Sep 2022 8.4% | Dec 2022 8.2% | Mar 2023 7.1% | Jun 2023 8.3% | Sep 2023 8.7% | Dec 2023 9.0% | Mar 2024 6.1% | Jun 2024 5.5% | Sep 2024 4.6% | Dec 2024 5.1% | Mar 2025 2.7% | Jun 2025 2.6% | Sep 2025 2.2% | Dec 2025 3.1% | Mar 2026 0.7% | Jun 2026 — - IPGP: Sep 2021 3.7% | Dec 2021 3.0% | Mar 2022 3.3% | Jun 2022 2.6% | Sep 2022 3.4% | Dec 2022 -4.1% | Mar 2023 2.9% | Jun 2023 2.8% | Sep 2023 2.2% | Dec 2023 1.3% | Mar 2024 0.8% | Jun 2024 0.5% | Sep 2024 -11% | Dec 2024 0.6% | Mar 2025 0.1% | Jun 2025 0.0% | Sep 2025 0.4% | Dec 2025 0.2% | Mar 2026 -0.4% | Jun 2026 — - UCTT: Sep 2021 4.3% | Dec 2021 5.1% | Mar 2022 — | Jun 2022 3.6% | Sep 2022 -0.4% | Dec 2022 2.8% | Mar 2023 0.8% | Jun 2023 0.8% | Sep 2023 0.4% | Dec 2023 0.3% | Mar 2024 1.1% | Jun 2024 1.5% | Sep 2024 1.6% | Dec 2024 1.6% | Mar 2025 0.8% | Jun 2025 -9.4% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.7% | Jun 2026 — - AMBA: Sep 2021 — | Dec 2021 -0.2% | Mar 2022 -2.3% | Jun 2022 -1.9% | Sep 2022 -3.6% | Dec 2022 -3.5% | Mar 2023 -3.9% | Jun 2023 -5.8% | Sep 2023 -5.8% | Dec 2023 -6.9% | Mar 2024 -6.9% | Jun 2024 -6.6% | Sep 2024 -6.1% | Dec 2024 -4.4% | Mar 2025 -4.4% | Jun 2025 -4.5% | Sep 2025 -3.9% | Dec 2025 -2.8% | Mar 2026 -3.1% | Jun 2026 -3.2% - VECO: Sep 2021 2.1% | Dec 2021 2.4% | Mar 2022 2.2% | Jun 2022 1.7% | Sep 2022 2.3% | Dec 2022 1.7% | Mar 2023 1.2% | Jun 2023 1.6% | Sep 2023 2.6% | Dec 2023 2.6% | Mar 2024 2.3% | Jun 2024 1.7% | Sep 2024 2.4% | Dec 2024 3.1% | Mar 2025 1.3% | Jun 2025 1.2% | Sep 2025 1.0% | Dec 2025 0.7% | Mar 2026 -0.2% | Jun 2026 — - AXTI: Sep 2021 1.0% | Dec 2021 1.1% | Mar 2022 1.3% | Jun 2022 1.9% | Sep 2022 1.6% | Dec 2022 -0.3% | Mar 2023 -1.5% | Jun 2023 -2.4% | Sep 2023 -2.4% | Dec 2023 -1.2% | Mar 2024 -1.2% | Jun 2024 -0.7% | Sep 2024 -1.2% | Dec 2024 -2.3% | Mar 2025 -3.8% | Jun 2025 -2.6% | Sep 2025 -0.4% | Dec 2025 -1.3% | Mar 2026 -0.5% | Jun 2026 — - ICHR: Sep 2021 3.8% | Dec 2021 2.3% | Mar 2022 — | Jun 2022 1.5% | Sep 2022 3.3% | Dec 2022 2.1% | Mar 2023 0.5% | Jun 2023 -0.3% | Sep 2023 -0.5% | Dec 2023 -0.9% | Mar 2024 -0.4% | Jun 2024 -0.3% | Sep 2024 0.0% | Dec 2024 -0.1% | Mar 2025 -0.1% | Jun 2025 -0.6% | Sep 2025 -2.3% | Dec 2025 -1.7% | Mar 2026 0.2% | Jun 2026 — - AEHR: Sep 2021 -6.7% | Dec 2021 2.6% | Mar 2022 8.0% | Jun 2022 18% | Sep 2022 1.4% | Dec 2022 7.1% | Mar 2023 6.3% | Jun 2023 8.5% | Sep 2023 6.0% | Dec 2023 7.3% | Mar 2024 -2.4% | Jun 2024 2.6% | Sep 2024 0.1% | Dec 2024 -1.4% | Mar 2025 -1.0% | Jun 2025 -2.6% | Sep 2025 -3.1% | Dec 2025 -3.4% | Mar 2026 -3.0% | Jun 2026 -0.7% - COHU: Sep 2021 3.4% | Dec 2021 2.8% | Mar 2022 2.6% | Jun 2022 3.5% | Sep 2022 3.2% | Dec 2022 2.6% | Mar 2023 — | Jun 2023 1.9% | Sep 2023 1.5% | Dec 2023 0.0% | Mar 2024 -1.8% | Jun 2024 -1.6% | Sep 2024 -1.6% | Dec 2024 -2.2% | Mar 2025 -2.9% | Jun 2025 -1.8% | Sep 2025 -1.0% | Dec 2025 -1.5% | Mar 2026 -1.1% | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 3.1% | Mar 2022 3.4% | Jun 2022 4.4% | Sep 2022 5.6% | Dec 2022 5.4% | Mar 2023 4.7% | Jun 2023 5.6% | Sep 2023 5.3% | Dec 2023 5.3% | Mar 2024 4.4% | Jun 2024 4.2% | Sep 2024 3.8% | Dec 2024 3.9% | Mar 2025 3.5% | Jun 2025 3.8% | Sep 2025 3.2% | Dec 2025 3.3% | Mar 2026 3.4% | Jun 2026 2.6% - DQ: Sep 2021 25% | Dec 2021 12% | Mar 2022 35% | Jun 2022 27% | Sep 2022 16% | Dec 2022 13% | Mar 2023 8.6% | Jun 2023 3.5% | Sep 2023 0.4% | Dec 2023 1.2% | Mar 2024 0.4% | Jun 2024 -3.0% | Sep 2024 -1.5% | Dec 2024 -4.8% | Mar 2025 -1.8% | Jun 2025 -1.9% | Sep 2025 -0.3% | Dec 2025 -0.4% | Mar 2026 -2.6% | Jun 2026 — - ASYS: Sep 2021 1.3% | Dec 2021 1.3% | Mar 2022 2.6% | Jun 2022 9.2% | Sep 2022 3.7% | Dec 2022 -2.6% | Mar 2023 0.5% | Jun 2023 -1.0% | Sep 2023 -11% | Dec 2023 -8.6% | Mar 2024 1.3% | Jun 2024 0.7% | Sep 2024 0.0% | Dec 2024 0.3% | Mar 2025 -40% | Jun 2025 1.1% | Sep 2025 2.1% | Dec 2025 0.9% | Mar 2026 2.5% | Jun 2026 — - ATOM: Sep 2021 -13% | Dec 2021 -11% | Mar 2022 -12% | Jun 2022 -15% | Sep 2022 -15% | Dec 2022 -15% | Mar 2023 -21% | Jun 2023 -21% | Sep 2023 -22% | Dec 2023 -22% | Mar 2024 -25% | Jun 2024 -21% | Sep 2024 -25% | Dec 2024 -21% | Mar 2025 -25% | Jun 2025 -26% | Sep 2025 -32% | Dec 2025 -21% | Mar 2026 -20% | Jun 2026 — - INTT: Sep 2021 4.4% | Dec 2021 0.4% | Mar 2022 1.2% | Jun 2022 4.0% | Sep 2022 4.5% | Dec 2022 5.0% | Mar 2023 4.3% | Jun 2023 3.6% | Sep 2023 2.6% | Dec 2023 1.1% | Mar 2024 0.5% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 1.8% | Mar 2025 -2.4% | Jun 2025 -0.8% | Sep 2025 -1.0% | Dec 2025 1.1% | Mar 2026 0.8% | Jun 2026 — ### 20-quarter ROCE change history - ASML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.1 pp | Mar 2023 — | Jun 2023 +8.5 pp | Sep 2023 +3.0 pp | Dec 2023 +0.4 pp | Mar 2024 — | Jun 2024 −4.5 pp | Sep 2024 −1.7 pp | Dec 2024 −0.1 pp | Mar 2025 +4.1 pp | Jun 2025 +1.4 pp | Sep 2025 −0.8 pp | Dec 2025 −0.5 pp | Mar 2026 +0.8 pp | Jun 2026 +1.4 pp - AMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.5 pp | Mar 2023 −0.5 pp | Jun 2023 −0.4 pp | Sep 2023 −1.2 pp | Dec 2023 −1.1 pp | Mar 2024 −1.2 pp | Jun 2024 −1.2 pp | Sep 2024 −0.7 pp | Dec 2024 −0.9 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 +0.5 pp | Dec 2025 −2.0 pp | Mar 2026 −2.1 pp | Jun 2026 +0.3 pp - LRCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +1.3 pp | Mar 2023 −3.0 pp | Jun 2023 −5.5 pp | Sep 2023 −5.8 pp | Dec 2023 −5.0 pp | Mar 2024 +0.5 pp | Jun 2024 +1.5 pp | Sep 2024 +1.6 pp | Dec 2024 +2.0 pp | Mar 2025 +3.6 pp | Jun 2025 +4.1 pp | Sep 2025 +3.6 pp | Dec 2025 +3.0 pp | Mar 2026 +2.6 pp | Jun 2026 — - KLAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +0.9 pp | Mar 2023 −1.7 pp | Jun 2023 −2.7 pp | Sep 2023 −3.0 pp | Dec 2023 −5.2 pp | Mar 2024 −1.7 pp | Jun 2024 +1.1 pp | Sep 2024 +1.7 pp | Dec 2024 +2.5 pp | Mar 2025 +4.8 pp | Jun 2025 +2.6 pp | Sep 2025 +1.0 pp | Dec 2025 +1.7 pp | Mar 2026 −0.4 pp | Jun 2026 — - TER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.0 pp | Mar 2023 — | Jun 2023 −3.0 pp | Sep 2023 −3.5 pp | Dec 2023 −2.8 pp | Mar 2024 — | Jun 2024 +4.0 pp | Sep 2024 0.0 pp | Dec 2024 −0.2 pp | Mar 2025 +1.3 pp | Jun 2025 −4.3 pp | Sep 2025 −0.5 pp | Dec 2025 +4.3 pp | Mar 2026 +10.5 pp | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +2.1 pp | Dec 2024 +2.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +0.3 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.1 pp | Mar 2023 — | Jun 2023 −5.7 pp | Sep 2023 −4.5 pp | Dec 2023 +0.3 pp | Mar 2024 — | Jun 2024 +1.3 pp | Sep 2024 +2.2 pp | Dec 2024 +1.4 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 −0.6 pp | Mar 2026 +0.3 pp | Jun 2026 — - NVMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 0.0 pp | Mar 2023 −1.4 pp | Jun 2023 −2.1 pp | Sep 2023 −1.7 pp | Dec 2023 −1.3 pp | Mar 2024 −0.6 pp | Jun 2024 +1.8 pp | Sep 2024 +1.4 pp | Dec 2024 +2.0 pp | Mar 2025 +2.3 pp | Jun 2025 +0.7 pp | Sep 2025 −1.4 pp | Dec 2025 −2.2 pp | Mar 2026 −1.0 pp | Jun 2026 — - ONTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 — | Mar 2023 — | Jun 2023 −2.2 pp | Sep 2023 −2.3 pp | Dec 2023 −2.2 pp | Mar 2024 — | Jun 2024 +1.0 pp | Sep 2024 +1.4 pp | Dec 2024 +0.6 pp | Mar 2025 +0.9 pp | Jun 2025 −1.1 pp | Sep 2025 −1.7 pp | Dec 2025 — | Mar 2026 −2.7 pp | Jun 2026 — - AMKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 −1.6 pp | Mar 2023 −3.6 pp | Jun 2023 −1.8 pp | Sep 2023 −3.8 pp | Dec 2023 −1.7 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −0.5 pp | Dec 2024 −0.5 pp | Mar 2025 −0.8 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.6 pp | Mar 2026 +1.1 pp | Jun 2026 — - FORM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 −5.6 pp | Mar 2023 — | Jun 2023 −3.8 pp | Sep 2023 −0.6 pp | Dec 2023 +10.7 pp | Mar 2024 — | Jun 2024 +1.9 pp | Sep 2024 +2.0 pp | Dec 2024 −8.1 pp | Mar 2025 −2.0 pp | Jun 2025 −0.7 pp | Sep 2025 −0.2 pp | Dec 2025 +1.4 pp | Mar 2026 +1.2 pp | Jun 2026 — - CAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.3 pp | Dec 2022 −1.5 pp | Mar 2023 −2.6 pp | Jun 2023 −2.7 pp | Sep 2023 −1.8 pp | Dec 2023 −1.1 pp | Mar 2024 +0.9 pp | Jun 2024 +1.4 pp | Sep 2024 +1.2 pp | Dec 2024 +1.6 pp | Mar 2025 +1.1 pp | Jun 2025 +0.3 pp | Sep 2025 −0.8 pp | Dec 2025 −1.0 pp | Mar 2026 −1.8 pp | Jun 2026 — - ACMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −1.5 pp | Mar 2023 +2.7 pp | Jun 2023 −0.1 pp | Sep 2023 −2.1 pp | Dec 2023 +0.6 pp | Mar 2024 +1.7 pp | Jun 2024 +0.3 pp | Sep 2024 +0.4 pp | Dec 2024 +1.4 pp | Mar 2025 −0.5 pp | Jun 2025 −1.3 pp | Sep 2025 −2.4 pp | Dec 2025 −2.6 pp | Mar 2026 −0.2 pp | Jun 2026 — - KLIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −9.2 pp | Mar 2023 — | Jun 2023 −10.3 pp | Sep 2023 −10.2 pp | Dec 2023 −5.1 pp | Mar 2024 — | Jun 2024 −0.3 pp | Sep 2024 +0.5 pp | Dec 2024 +7.2 pp | Mar 2025 +0.4 pp | Jun 2025 −1.3 pp | Sep 2025 — | Dec 2025 −7.2 pp | Mar 2026 +9.9 pp | Jun 2026 +4.6 pp - ACLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +0.1 pp | Mar 2023 −1.2 pp | Jun 2023 −0.6 pp | Sep 2023 +0.3 pp | Dec 2023 +0.8 pp | Mar 2024 −1.0 pp | Jun 2024 −2.8 pp | Sep 2024 −4.1 pp | Dec 2024 −3.9 pp | Mar 2025 −3.4 pp | Jun 2025 −2.9 pp | Sep 2025 −2.4 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 — - IPGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −7.1 pp | Mar 2023 −0.4 pp | Jun 2023 +0.2 pp | Sep 2023 −1.2 pp | Dec 2023 +5.4 pp | Mar 2024 −2.1 pp | Jun 2024 −2.3 pp | Sep 2024 −13.2 pp | Dec 2024 −0.7 pp | Mar 2025 −0.7 pp | Jun 2025 −0.5 pp | Sep 2025 +11.4 pp | Dec 2025 −0.4 pp | Mar 2026 −0.5 pp | Jun 2026 — - UCTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.7 pp | Dec 2022 −2.3 pp | Mar 2023 — | Jun 2023 −2.8 pp | Sep 2023 +0.8 pp | Dec 2023 −2.5 pp | Mar 2024 +0.3 pp | Jun 2024 +0.7 pp | Sep 2024 +1.2 pp | Dec 2024 +1.3 pp | Mar 2025 −0.3 pp | Jun 2025 −10.9 pp | Sep 2025 −0.9 pp | Dec 2025 −0.9 pp | Mar 2026 −0.1 pp | Jun 2026 — - AMBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.3 pp | Mar 2023 −1.6 pp | Jun 2023 −3.9 pp | Sep 2023 −2.2 pp | Dec 2023 −3.4 pp | Mar 2024 −3.0 pp | Jun 2024 −0.8 pp | Sep 2024 −0.3 pp | Dec 2024 +2.5 pp | Mar 2025 +2.5 pp | Jun 2025 +2.1 pp | Sep 2025 +2.2 pp | Dec 2025 +1.6 pp | Mar 2026 +1.3 pp | Jun 2026 +1.3 pp - VECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.7 pp | Mar 2023 −1.0 pp | Jun 2023 −0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.9 pp | Mar 2024 +1.1 pp | Jun 2024 +0.1 pp | Sep 2024 −0.2 pp | Dec 2024 +0.5 pp | Mar 2025 −1.0 pp | Jun 2025 −0.5 pp | Sep 2025 −1.4 pp | Dec 2025 −2.4 pp | Mar 2026 −1.5 pp | Jun 2026 — - AXTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −1.4 pp | Mar 2023 −2.8 pp | Jun 2023 −4.3 pp | Sep 2023 −4.0 pp | Dec 2023 −0.9 pp | Mar 2024 +0.3 pp | Jun 2024 +1.7 pp | Sep 2024 +1.2 pp | Dec 2024 −1.1 pp | Mar 2025 −2.6 pp | Jun 2025 −1.9 pp | Sep 2025 +0.8 pp | Dec 2025 +1.0 pp | Mar 2026 +3.3 pp | Jun 2026 — - ICHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.2 pp | Mar 2023 — | Jun 2023 −1.8 pp | Sep 2023 −3.8 pp | Dec 2023 −3.0 pp | Mar 2024 −0.9 pp | Jun 2024 0.0 pp | Sep 2024 +0.5 pp | Dec 2024 +0.8 pp | Mar 2025 +0.3 pp | Jun 2025 −0.3 pp | Sep 2025 −2.3 pp | Dec 2025 −1.6 pp | Mar 2026 +0.3 pp | Jun 2026 — - AEHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.1 pp | Dec 2022 +4.5 pp | Mar 2023 −1.7 pp | Jun 2023 −9.7 pp | Sep 2023 +4.6 pp | Dec 2023 +0.2 pp | Mar 2024 −8.7 pp | Jun 2024 −5.9 pp | Sep 2024 −5.9 pp | Dec 2024 −8.7 pp | Mar 2025 +1.4 pp | Jun 2025 −5.2 pp | Sep 2025 −3.2 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 +1.9 pp - COHU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.2 pp | Mar 2023 — | Jun 2023 −1.6 pp | Sep 2023 −1.7 pp | Dec 2023 −2.6 pp | Mar 2024 — | Jun 2024 −3.5 pp | Sep 2024 −3.1 pp | Dec 2024 −2.2 pp | Mar 2025 −1.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.6 pp | Dec 2025 +0.7 pp | Mar 2026 +1.8 pp | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.3 pp | Mar 2023 +1.3 pp | Jun 2023 +1.2 pp | Sep 2023 −0.3 pp | Dec 2023 −0.1 pp | Mar 2024 −0.3 pp | Jun 2024 −1.4 pp | Sep 2024 −1.5 pp | Dec 2024 −1.4 pp | Mar 2025 −0.9 pp | Jun 2025 −0.4 pp | Sep 2025 −0.6 pp | Dec 2025 −0.6 pp | Mar 2026 −0.1 pp | Jun 2026 −1.2 pp - DQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.4 pp | Dec 2022 +0.7 pp | Mar 2023 −26.2 pp | Jun 2023 −23.1 pp | Sep 2023 −15.8 pp | Dec 2023 −11.7 pp | Mar 2024 −8.2 pp | Jun 2024 −6.5 pp | Sep 2024 −1.9 pp | Dec 2024 −6.0 pp | Mar 2025 −2.2 pp | Jun 2025 +1.1 pp | Sep 2025 +1.2 pp | Dec 2025 +4.4 pp | Mar 2026 −0.8 pp | Jun 2026 — - ASYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 −3.9 pp | Mar 2023 −2.1 pp | Jun 2023 −10.2 pp | Sep 2023 −14.4 pp | Dec 2023 −6.0 pp | Mar 2024 +0.8 pp | Jun 2024 +1.7 pp | Sep 2024 +10.7 pp | Dec 2024 +8.9 pp | Mar 2025 −41.5 pp | Jun 2025 +0.4 pp | Sep 2025 +2.1 pp | Dec 2025 +0.6 pp | Mar 2026 +42.7 pp | Jun 2026 — - ATOM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −4.0 pp | Mar 2023 −9.1 pp | Jun 2023 −6.1 pp | Sep 2023 −7.4 pp | Dec 2023 −6.4 pp | Mar 2024 −4.4 pp | Jun 2024 −0.1 pp | Sep 2024 −2.7 pp | Dec 2024 +0.5 pp | Mar 2025 +0.1 pp | Jun 2025 −5.6 pp | Sep 2025 −7.6 pp | Dec 2025 +0.6 pp | Mar 2026 +5.7 pp | Jun 2026 — - INTT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +4.6 pp | Mar 2023 +3.1 pp | Jun 2023 −0.4 pp | Sep 2023 −1.9 pp | Dec 2023 −3.9 pp | Mar 2024 −3.8 pp | Jun 2024 −3.3 pp | Sep 2024 −2.2 pp | Dec 2024 +0.7 pp | Mar 2025 −2.9 pp | Jun 2025 −1.1 pp | Sep 2025 −1.4 pp | Dec 2025 −0.7 pp | Mar 2026 +3.2 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Photronics, Inc. has the lowest comparable Guarded PEG at 0.43×, 33.8% below Veeco Instruments Inc.. Only 15 of 29 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Photronics, Inc. · 0.43× | 33.8% versus #2 · Veeco Instruments Inc. | 0/8 recent comparable periods | 15/29 companies · 82 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Photronics, Inc. (PLAB): 0.4 2. Veeco Instruments Inc. (VECO): 0.7 3. IPG Photonics Corporation (IPGP): 0.7 4. Amkor Technology, Inc. (AMKR): 0.7 5. ACM Research, Inc. (ACMR): 0.8 ### P/E — lowest P/E 1. Aehr Test Systems, Inc. (AEHR): 12.4 2. Daqo New Energy Corp. (DQ): 12.5 3. Photronics, Inc. (PLAB): 18.2 4. AXT, Inc. (AXTI): 19.0 5. Amkor Technology, Inc. (AMKR): 25.7 ### 20-quarter Guarded PEG history - ASML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 1.2 | Mar 2026 2.6 | Jun 2026 4.3 - AMAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.8 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 1.3 | Dec 2024 3.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.2 | Jun 2026 1.3 - LRCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.6 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — - KLAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 2.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.3 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 1.5 | Jun 2026 — - TER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.0 | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.9 | Dec 2025 — | Mar 2026 — | Jun 2026 — - NVMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 2.7 | Sep 2023 3.9 | Dec 2023 — | Mar 2024 — | Jun 2024 4.0 | Sep 2024 1.5 | Dec 2024 1.0 | Mar 2025 0.5 | Jun 2025 0.7 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 2.6 | Jun 2026 — - ONTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AMKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.7 | Mar 2026 0.7 | Jun 2026 — - FORM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 4.3 | Jun 2026 — - CAMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 2.3 | Sep 2023 3.8 | Dec 2023 — | Mar 2024 6.0 | Jun 2024 3.0 | Sep 2024 1.2 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ACMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.3 | Mar 2025 0.8 | Jun 2025 0.5 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - ACLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.7 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.4 | Jun 2024 1.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - IPGP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VECO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AEHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 0.9 | Dec 2023 1.8 | Mar 2024 0.6 | Jun 2024 1.5 | Sep 2024 0.6 | Dec 2024 — | Mar 2025 1.7 | Jun 2025 — | Sep 2025 — | Dec 2025 1.1 | Mar 2026 — | Jun 2026 0.4 - DQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - ASML: Sep 2021 — | Dec 2021 48.4 | Mar 2022 — | Jun 2022 46.9 | Sep 2022 31.0 | Dec 2022 30.4 | Mar 2023 — | Jun 2023 36.0 | Sep 2023 35.4 | Dec 2023 28.8 | Mar 2024 49.8 | Jun 2024 55.7 | Sep 2024 42.5 | Dec 2024 31.4 | Mar 2025 27.7 | Jun 2025 28.3 | Sep 2025 34.0 | Dec 2025 34.7 | Mar 2026 44.1 | Jun 2026 63.3 - AMAT: Sep 2021 — | Dec 2021 21.4 | Mar 2022 18.4 | Jun 2022 14.7 | Sep 2022 14.2 | Dec 2022 12.1 | Mar 2023 15.1 | Jun 2023 14.9 | Sep 2023 20.0 | Dec 2023 16.2 | Mar 2024 19.6 | Jun 2024 23.4 | Sep 2024 23.2 | Dec 2024 21.7 | Mar 2025 24.4 | Jun 2025 18.4 | Sep 2025 22.1 | Dec 2025 26.4 | Mar 2026 33.0 | Jun 2026 39.2 - LRCX: Sep 2021 20.7 | Dec 2021 21.8 | Mar 2022 17.3 | Jun 2022 13.8 | Sep 2022 10.9 | Dec 2022 11.1 | Mar 2023 14.7 | Jun 2023 19.3 | Sep 2023 20.6 | Dec 2023 29.6 | Mar 2024 35.2 | Jun 2024 36.7 | Sep 2024 26.8 | Dec 2024 22.3 | Mar 2025 20.2 | Jun 2025 23.4 | Sep 2025 28.3 | Dec 2025 36.5 | Mar 2026 39.9 | Jun 2026 — - KLAC: Sep 2021 19.0 | Dec 2021 22.2 | Mar 2022 17.8 | Jun 2022 14.6 | Sep 2022 13.7 | Dec 2022 15.5 | Mar 2023 16.3 | Jun 2023 20.1 | Sep 2023 20.6 | Dec 2023 29.5 | Mar 2024 36.6 | Jun 2024 40.7 | Sep 2024 35.4 | Dec 2024 26.5 | Mar 2025 24.7 | Jun 2025 29.5 | Sep 2025 33.9 | Dec 2025 35.4 | Mar 2026 41.7 | Jun 2026 — - TER: Sep 2021 — | Dec 2021 20.6 | Mar 2022 — | Jun 2022 21.8 | Sep 2022 18.1 | Dec 2022 16.9 | Mar 2023 — | Jun 2023 28.3 | Sep 2023 33.0 | Dec 2023 32.9 | Mar 2024 42.9 | Jun 2024 48.8 | Sep 2024 42.7 | Dec 2024 37.9 | Mar 2025 23.4 | Jun 2025 31.3 | Sep 2025 49.2 | Dec 2025 55.8 | Mar 2026 54.7 | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 24.7 | Mar 2026 45.3 | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 45.2 | Mar 2022 — | Jun 2022 38.0 | Sep 2022 26.2 | Dec 2022 41.1 | Mar 2023 — | Jun 2023 4,100.5 | Sep 2023 184.7 | Dec 2023 99.9 | Mar 2024 67.6 | Jun 2024 111.0 | Sep 2024 76.1 | Dec 2024 51.3 | Mar 2025 42.9 | Jun 2025 42.5 | Sep 2025 48.6 | Dec 2025 54.4 | Mar 2026 67.0 | Jun 2026 — - NVMI: Sep 2021 35.8 | Dec 2021 47.0 | Mar 2022 30.3 | Jun 2022 22.6 | Sep 2022 21.4 | Dec 2022 18.4 | Mar 2023 23.5 | Jun 2023 27.3 | Sep 2023 26.4 | Dec 2023 32.1 | Mar 2024 40.7 | Jun 2024 48.7 | Sep 2024 38.9 | Dec 2024 34.3 | Mar 2025 27.8 | Jun 2025 37.4 | Sep 2025 41.8 | Dec 2025 41.3 | Mar 2026 54.2 | Jun 2026 — - ONTO: Sep 2021 32.8 | Dec 2021 — | Mar 2022 35.4 | Jun 2022 24.6 | Sep 2022 16.5 | Dec 2022 15.7 | Mar 2023 — | Jun 2023 21.9 | Sep 2023 33.2 | Dec 2023 62.2 | Mar 2024 64.4 | Jun 2024 65.5 | Sep 2024 58.4 | Dec 2024 42.0 | Mar 2025 27.6 | Jun 2025 24.5 | Sep 2025 36.0 | Dec 2025 — | Mar 2026 59.7 | Jun 2026 — - AMKR: Sep 2021 11.0 | Dec 2021 9.5 | Mar 2022 7.7 | Jun 2022 6.0 | Sep 2022 5.1 | Dec 2022 7.7 | Mar 2023 10.0 | Jun 2023 12.7 | Sep 2023 13.7 | Dec 2023 22.8 | Mar 2024 21.2 | Jun 2024 26.2 | Sep 2024 20.7 | Dec 2024 18.0 | Mar 2025 14.1 | Jun 2025 17.1 | Sep 2025 22.7 | Dec 2025 26.3 | Mar 2026 25.7 | Jun 2026 — - FORM: Sep 2021 41.2 | Dec 2021 42.0 | Mar 2022 36.0 | Jun 2022 29.3 | Sep 2022 22.8 | Dec 2022 34.2 | Mar 2023 — | Jun 2023 113.8 | Sep 2023 — | Dec 2023 39.7 | Mar 2024 34.6 | Jun 2024 38.8 | Sep 2024 26.6 | Dec 2024 51.6 | Mar 2025 41.5 | Jun 2025 62.3 | Sep 2025 67.9 | Dec 2025 84.1 | Mar 2026 112.6 | Jun 2026 — - CAMT: Sep 2021 32.7 | Dec 2021 34.4 | Mar 2022 21.3 | Jun 2022 16.8 | Sep 2022 15.5 | Dec 2022 13.1 | Mar 2023 17.3 | Jun 2023 22.0 | Sep 2023 37.7 | Dec 2023 42.6 | Mar 2024 47.3 | Jun 2024 63.9 | Sep 2024 37.0 | Dec 2024 33.4 | Mar 2025 22.6 | Jun 2025 31.1 | Sep 2025 116.7 | Dec 2025 102.3 | Mar 2026 174.3 | Jun 2026 — - ACMR: Sep 2021 79.7 | Dec 2021 49.0 | Mar 2022 54.5 | Jun 2022 36.6 | Sep 2022 19.8 | Dec 2022 13.1 | Mar 2023 14.8 | Jun 2023 12.8 | Sep 2023 16.6 | Dec 2023 16.8 | Mar 2024 22.1 | Jun 2024 18.3 | Sep 2024 15.4 | Dec 2024 9.9 | Mar 2025 15.0 | Jun 2025 15.7 | Sep 2025 22.8 | Dec 2025 28.8 | Mar 2026 30.0 | Jun 2026 — - KLIC: Sep 2021 — | Dec 2021 10.2 | Mar 2022 8.5 | Jun 2022 7.0 | Sep 2022 4.8 | Dec 2022 5.4 | Mar 2023 — | Jun 2023 14.6 | Sep 2023 35.4 | Dec 2023 60.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 398.0 | Mar 2025 91.8 | Jun 2025 434.4 | Sep 2025 — | Dec 2025 10,085.0 | Mar 2026 — | Jun 2026 61.6 - ACLS: Sep 2021 20.7 | Dec 2021 25.9 | Mar 2022 20.8 | Jun 2022 12.5 | Sep 2022 12.6 | Dec 2022 14.5 | Mar 2023 23.5 | Jun 2023 29.5 | Sep 2023 23.3 | Dec 2023 17.5 | Mar 2024 14.7 | Jun 2024 19.6 | Sep 2024 15.5 | Dec 2024 11.4 | Mar 2025 9.1 | Jun 2025 14.3 | Sep 2025 23.1 | Dec 2025 21.1 | Mar 2026 29.0 | Jun 2026 — - IPGP: Sep 2021 32.5 | Dec 2021 33.4 | Mar 2022 21.1 | Jun 2022 18.8 | Sep 2022 16.6 | Dec 2022 43.8 | Mar 2023 64.2 | Jun 2023 63.8 | Sep 2023 55.8 | Dec 2023 23.4 | Mar 2024 23.4 | Jun 2024 27.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 129.8 | Dec 2025 98.1 | Mar 2026 166.1 | Jun 2026 — - UCTT: Sep 2021 20.8 | Dec 2021 21.3 | Mar 2022 — | Jun 2022 15.0 | Sep 2022 15.4 | Dec 2022 37.7 | Mar 2023 — | Jun 2023 174.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 502.0 | Dec 2024 70.3 | Mar 2025 35.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VECO: Sep 2021 65.3 | Dec 2021 58.1 | Mar 2022 40.0 | Jun 2022 26.2 | Sep 2022 21.8 | Dec 2022 6.9 | Mar 2023 8.1 | Jun 2023 30.9 | Sep 2023 28.7 | Dec 2023 — | Mar 2024 — | Jun 2024 33.1 | Sep 2024 24.5 | Dec 2024 21.8 | Mar 2025 18.8 | Jun 2025 19.9 | Sep 2025 36.7 | Dec 2025 48.4 | Mar 2026 89.1 | Jun 2026 — - AXTI: Sep 2021 26.0 | Dec 2021 25.9 | Mar 2022 21.3 | Jun 2022 16.3 | Sep 2022 16.8 | Dec 2022 11.8 | Mar 2023 19.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ICHR: Sep 2021 16.2 | Dec 2021 18.8 | Mar 2022 — | Jun 2022 15.4 | Sep 2022 10.3 | Dec 2022 10.7 | Mar 2023 14.7 | Jun 2023 48.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AEHR: Sep 2021 — | Dec 2021 348.4 | Mar 2022 85.0 | Jun 2022 24.7 | Sep 2022 44.1 | Dec 2022 60.6 | Mar 2023 68.1 | Jun 2023 66.0 | Sep 2023 79.7 | Dec 2023 32.3 | Mar 2024 31.3 | Jun 2024 10.3 | Sep 2024 15.5 | Dec 2024 15.9 | Mar 2025 12.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - COHU: Sep 2021 9.9 | Dec 2021 11.0 | Mar 2022 9.5 | Jun 2022 14.4 | Sep 2022 13.3 | Dec 2022 16.2 | Mar 2023 — | Jun 2023 20.4 | Sep 2023 27.5 | Dec 2023 60.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 14.6 | Mar 2022 15.0 | Jun 2022 10.4 | Sep 2022 14.3 | Dec 2022 8.4 | Mar 2023 10.5 | Jun 2023 7.3 | Sep 2023 13.7 | Dec 2023 9.0 | Mar 2024 13.7 | Jun 2024 13.1 | Sep 2024 11.3 | Dec 2024 10.9 | Mar 2025 9.7 | Jun 2025 10.0 | Sep 2025 11.1 | Dec 2025 10.5 | Mar 2026 14.7 | Jun 2026 18.2 - DQ: Sep 2021 6.4 | Dec 2021 4.1 | Mar 2022 2.6 | Jun 2022 3.4 | Sep 2022 2.5 | Dec 2022 1.7 | Mar 2023 2.3 | Jun 2023 3.0 | Sep 2023 3.3 | Dec 2023 4.6 | Mar 2024 12.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ASYS: Sep 2021 103.9 | Dec 2021 76.0 | Mar 2022 34.7 | Jun 2022 7.4 | Sep 2022 7.0 | Dec 2022 7.8 | Mar 2023 9.0 | Jun 2023 36.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 68.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 68.7 | Jun 2026 — - INTT: Sep 2021 18.8 | Dec 2021 18.7 | Mar 2022 20.6 | Jun 2022 14.2 | Sep 2022 15.0 | Dec 2022 13.2 | Mar 2023 21.2 | Jun 2023 25.8 | Sep 2023 15.5 | Dec 2023 17.2 | Mar 2024 22.1 | Jun 2024 26.0 | Sep 2024 31.7 | Dec 2024 35.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 341.3 | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Daqo New Energy Corp. leads both ev/ebitda at 2.37× and p/bv at 0.33×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Daqo New Energy Corp. · 2.37× | 72.2% versus #2 · Ultra Clean Holdings, Inc. | 0/8 recent comparable periods | 26/29 companies · 407 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Daqo New Energy Corp. (DQ): 2.4 2. Ultra Clean Holdings, Inc. (UCTT): 8.5 3. Amkor Technology, Inc. (AMKR): 9.1 4. Photronics, Inc. (PLAB): 10.0 5. ACM Research, Inc. (ACMR): 15.6 ### P/BV — lowest P/BV 1. Daqo New Energy Corp. (DQ): 0.3 2. InTest Corporation (INTT): 1.6 3. ACM Research, Inc. (ACMR): 1.7 4. Cohu, Inc. (COHU): 1.8 5. IPG Photonics Corporation (IPGP): 2.3 ### 20-quarter EV/EBITDA history - ASML: Sep 2021 — | Dec 2021 39.1 | Mar 2022 — | Jun 2022 37.6 | Sep 2022 24.9 | Dec 2022 24.3 | Mar 2023 — | Jun 2023 28.6 | Sep 2023 28.2 | Dec 2023 23.0 | Mar 2024 39.2 | Jun 2024 43.4 | Sep 2024 32.8 | Dec 2024 22.8 | Mar 2025 20.8 | Jun 2025 21.4 | Sep 2025 25.9 | Dec 2025 25.4 | Mar 2026 34.0 | Jun 2026 49.1 - AMAT: Sep 2021 — | Dec 2021 16.7 | Mar 2022 14.6 | Jun 2022 11.7 | Sep 2022 11.3 | Dec 2022 9.6 | Mar 2023 11.7 | Jun 2023 11.5 | Sep 2023 15.4 | Dec 2023 13.2 | Mar 2024 16.8 | Jun 2024 20.5 | Sep 2024 20.4 | Dec 2024 18.1 | Mar 2025 17.7 | Jun 2025 13.9 | Sep 2025 16.3 | Dec 2025 20.6 | Mar 2026 30.2 | Jun 2026 37.5 - LRCX: Sep 2021 16.6 | Dec 2021 17.6 | Mar 2022 14.0 | Jun 2022 11.0 | Sep 2022 8.7 | Dec 2022 8.8 | Mar 2023 11.6 | Jun 2023 15.5 | Sep 2023 16.8 | Dec 2023 24.0 | Mar 2024 29.0 | Jun 2024 29.8 | Sep 2024 21.7 | Dec 2024 19.6 | Mar 2025 16.3 | Jun 2025 19.3 | Sep 2025 24.7 | Dec 2025 31.9 | Mar 2026 33.6 | Jun 2026 — - KLAC: Sep 2021 16.5 | Dec 2021 18.6 | Mar 2022 14.9 | Jun 2022 12.3 | Sep 2022 10.7 | Dec 2022 12.1 | Mar 2023 12.7 | Jun 2023 15.6 | Sep 2023 15.5 | Dec 2023 20.6 | Mar 2024 24.8 | Jun 2024 30.1 | Sep 2024 24.9 | Dec 2024 18.9 | Mar 2025 19.1 | Jun 2025 23.2 | Sep 2025 25.4 | Dec 2025 28.0 | Mar 2026 33.2 | Jun 2026 — - TER: Sep 2021 — | Dec 2021 12.9 | Mar 2022 — | Jun 2022 14.0 | Sep 2022 11.5 | Dec 2022 10.7 | Mar 2023 — | Jun 2023 18.9 | Sep 2023 22.3 | Dec 2023 22.6 | Mar 2024 27.9 | Jun 2024 35.2 | Sep 2024 31.5 | Dec 2024 27.9 | Mar 2025 17.0 | Jun 2025 22.0 | Sep 2025 33.5 | Dec 2025 38.8 | Mar 2026 40.7 | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 14.9 | Mar 2026 19.6 | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 27.2 | Mar 2022 — | Jun 2022 23.8 | Sep 2022 16.7 | Dec 2022 24.6 | Mar 2023 — | Jun 2023 22.8 | Sep 2023 27.6 | Dec 2023 43.0 | Mar 2024 30.5 | Jun 2024 29.0 | Sep 2024 25.1 | Dec 2024 20.5 | Mar 2025 18.5 | Jun 2025 18.0 | Sep 2025 19.8 | Dec 2025 19.2 | Mar 2026 24.9 | Jun 2026 — - NVMI: Sep 2021 25.0 | Dec 2021 33.0 | Mar 2022 21.5 | Jun 2022 16.0 | Sep 2022 15.1 | Dec 2022 13.5 | Mar 2023 17.5 | Jun 2023 20.5 | Sep 2023 19.8 | Dec 2023 25.5 | Mar 2024 32.5 | Jun 2024 38.9 | Sep 2024 31.2 | Dec 2024 26.4 | Mar 2025 22.0 | Jun 2025 30.9 | Sep 2025 34.5 | Dec 2025 36.9 | Mar 2026 47.5 | Jun 2026 — - ONTO: Sep 2021 17.7 | Dec 2021 — | Mar 2022 20.2 | Jun 2022 14.4 | Sep 2022 9.3 | Dec 2022 9.0 | Mar 2023 — | Jun 2023 13.6 | Sep 2023 21.2 | Dec 2023 37.1 | Mar 2024 41.5 | Jun 2024 45.5 | Sep 2024 40.8 | Dec 2024 30.3 | Mar 2025 19.2 | Jun 2025 16.0 | Sep 2025 24.6 | Dec 2025 — | Mar 2026 39.3 | Jun 2026 — - AMKR: Sep 2021 5.3 | Dec 2021 4.7 | Mar 2022 4.0 | Jun 2022 3.1 | Sep 2022 3.0 | Dec 2022 4.0 | Mar 2023 4.7 | Jun 2023 5.6 | Sep 2023 4.8 | Dec 2023 7.2 | Mar 2024 7.0 | Jun 2024 8.7 | Sep 2024 6.8 | Dec 2024 5.8 | Mar 2025 4.2 | Jun 2025 4.7 | Sep 2025 6.6 | Dec 2025 8.4 | Mar 2026 9.1 | Jun 2026 — - FORM: Sep 2021 21.7 | Dec 2021 22.9 | Mar 2022 20.9 | Jun 2022 18.0 | Sep 2022 13.1 | Dec 2022 16.4 | Mar 2023 — | Jun 2023 38.2 | Sep 2023 94.6 | Dec 2023 19.8 | Mar 2024 24.6 | Jun 2024 29.5 | Sep 2024 21.3 | Dec 2024 28.4 | Mar 2025 35.5 | Jun 2025 60.0 | Sep 2025 31.9 | Dec 2025 45.1 | Mar 2026 104.5 | Jun 2026 — - CAMT: Sep 2021 25.3 | Dec 2021 24.6 | Mar 2022 14.5 | Jun 2022 10.9 | Sep 2022 9.9 | Dec 2022 9.0 | Mar 2023 13.0 | Jun 2023 18.1 | Sep 2023 35.2 | Dec 2023 41.6 | Mar 2024 45.3 | Jun 2024 60.0 | Sep 2024 33.1 | Dec 2024 29.3 | Mar 2025 18.8 | Jun 2025 26.5 | Sep 2025 33.6 | Dec 2025 33.8 | Mar 2026 55.4 | Jun 2026 — - ACMR: Sep 2021 80.5 | Dec 2021 30.5 | Mar 2022 31.6 | Jun 2022 16.3 | Sep 2022 8.0 | Dec 2022 5.2 | Mar 2023 7.8 | Jun 2023 7.8 | Sep 2023 10.7 | Dec 2023 11.2 | Mar 2024 15.0 | Jun 2024 10.8 | Sep 2024 9.0 | Dec 2024 5.5 | Mar 2025 8.8 | Jun 2025 10.5 | Sep 2025 15.0 | Dec 2025 17.4 | Mar 2026 15.6 | Jun 2026 — - KLIC: Sep 2021 — | Dec 2021 6.8 | Mar 2022 5.7 | Jun 2022 4.6 | Sep 2022 2.7 | Dec 2022 3.0 | Mar 2023 — | Jun 2023 9.7 | Sep 2023 23.7 | Dec 2023 40.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 144.6 | Mar 2025 36.9 | Jun 2025 74.9 | Sep 2025 — | Dec 2025 110.0 | Mar 2026 — | Jun 2026 43.3 - ACLS: Sep 2021 12.8 | Dec 2021 16.2 | Mar 2022 13.5 | Jun 2022 8.0 | Sep 2022 7.9 | Dec 2022 9.9 | Mar 2023 17.5 | Jun 2023 23.7 | Sep 2023 19.3 | Dec 2023 13.6 | Mar 2024 11.1 | Jun 2024 15.1 | Sep 2024 11.5 | Dec 2024 7.7 | Mar 2025 5.3 | Jun 2025 9.5 | Sep 2025 16.9 | Dec 2025 15.6 | Mar 2026 21.9 | Jun 2026 — - IPGP: Sep 2021 15.7 | Dec 2021 16.5 | Mar 2022 9.4 | Jun 2022 7.9 | Sep 2022 6.8 | Dec 2022 13.1 | Mar 2023 16.8 | Jun 2023 21.6 | Sep 2023 21.6 | Dec 2023 12.8 | Mar 2024 12.9 | Jun 2024 22.0 | Sep 2024 8.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 28.9 | Dec 2025 27.2 | Mar 2026 57.1 | Jun 2026 — - UCTT: Sep 2021 10.5 | Dec 2021 10.7 | Mar 2022 — | Jun 2022 9.0 | Sep 2022 6.4 | Dec 2022 9.5 | Mar 2023 12.0 | Jun 2023 12.4 | Sep 2023 12.4 | Dec 2023 19.8 | Mar 2024 23.2 | Jun 2024 21.7 | Sep 2024 15.5 | Dec 2024 12.3 | Mar 2025 8.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VECO: Sep 2021 14.9 | Dec 2021 17.9 | Mar 2022 16.5 | Jun 2022 12.1 | Sep 2022 10.9 | Dec 2022 11.2 | Mar 2023 14.2 | Jun 2023 18.4 | Sep 2023 19.0 | Dec 2023 18.4 | Mar 2024 18.7 | Jun 2024 24.0 | Sep 2024 16.6 | Dec 2024 16.2 | Mar 2025 9.9 | Jun 2025 10.7 | Sep 2025 19.1 | Dec 2025 28.6 | Mar 2026 38.9 | Jun 2026 — - AXTI: Sep 2021 21.5 | Dec 2021 32.9 | Mar 2022 17.8 | Jun 2022 14.0 | Sep 2022 14.7 | Dec 2022 20.7 | Mar 2023 19.5 | Jun 2023 333.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ICHR: Sep 2021 10.8 | Dec 2021 14.6 | Mar 2022 — | Jun 2022 12.3 | Sep 2022 8.8 | Dec 2022 8.5 | Mar 2023 10.7 | Jun 2023 15.6 | Sep 2023 23.3 | Dec 2023 50.5 | Mar 2024 95.7 | Jun 2024 94.1 | Sep 2024 66.2 | Dec 2024 48.8 | Mar 2025 32.5 | Jun 2025 31.6 | Sep 2025 139.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - AEHR: Sep 2021 — | Dec 2021 — | Mar 2022 116.5 | Jun 2022 22.3 | Sep 2022 37.8 | Dec 2022 55.3 | Mar 2023 64.9 | Jun 2023 62.2 | Sep 2023 78.3 | Dec 2023 30.7 | Mar 2024 29.7 | Jun 2024 25.4 | Sep 2024 54.1 | Dec 2024 243.8 | Mar 2025 94.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - COHU: Sep 2021 7.8 | Dec 2021 14.8 | Mar 2022 7.5 | Jun 2022 6.5 | Sep 2022 5.8 | Dec 2022 7.2 | Mar 2023 — | Jun 2023 9.5 | Sep 2023 11.6 | Dec 2023 14.9 | Mar 2024 23.5 | Jun 2024 55.6 | Sep 2024 326.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 4.3 | Mar 2022 5.0 | Jun 2022 3.8 | Sep 2022 5.1 | Dec 2022 3.1 | Mar 2023 3.5 | Jun 2023 2.4 | Sep 2023 4.4 | Dec 2023 2.4 | Mar 2024 5.4 | Jun 2024 5.1 | Sep 2024 4.6 | Dec 2024 3.1 | Mar 2025 4.2 | Jun 2025 3.5 | Sep 2025 3.6 | Dec 2025 3.3 | Mar 2026 6.3 | Jun 2026 10.0 - DQ: Sep 2021 3.9 | Dec 2021 2.2 | Mar 2022 1.5 | Jun 2022 1.5 | Sep 2022 0.9 | Dec 2022 0.4 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 2.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ASYS: Sep 2021 28.2 | Dec 2021 22.2 | Mar 2022 15.7 | Jun 2022 3.9 | Sep 2022 4.4 | Dec 2022 4.9 | Mar 2023 10.0 | Jun 2023 32.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 14.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 21.2 | Jun 2026 — - INTT: Sep 2021 10.5 | Dec 2021 12.4 | Mar 2022 12.2 | Jun 2022 8.1 | Sep 2022 8.0 | Dec 2022 7.9 | Mar 2023 13.1 | Jun 2023 16.2 | Sep 2023 9.0 | Dec 2023 9.1 | Mar 2024 13.5 | Jun 2024 14.3 | Sep 2024 12.4 | Dec 2024 12.8 | Mar 2025 15.0 | Jun 2025 19.8 | Sep 2025 31.6 | Dec 2025 30.0 | Mar 2026 25.4 | Jun 2026 — ### 20-quarter P/BV history - ASML: Sep 2021 — | Dec 2021 22.8 | Mar 2022 — | Jun 2022 27.6 | Sep 2022 22.4 | Dec 2022 21.2 | Mar 2023 — | Jun 2023 25.3 | Sep 2023 24.6 | Dec 2023 18.2 | Mar 2024 25.7 | Jun 2024 25.5 | Sep 2024 18.2 | Dec 2024 11.9 | Mar 2025 13.8 | Jun 2025 12.2 | Sep 2025 16.8 | Dec 2025 14.5 | Mar 2026 21.1 | Jun 2026 25.8 - AMAT: Sep 2021 — | Dec 2021 10.0 | Mar 2022 9.8 | Jun 2022 8.3 | Sep 2022 7.6 | Dec 2022 6.2 | Mar 2023 7.1 | Jun 2023 6.7 | Sep 2023 8.4 | Dec 2023 6.7 | Mar 2024 8.0 | Jun 2024 9.3 | Sep 2024 9.0 | Dec 2024 8.0 | Mar 2025 8.2 | Jun 2025 6.4 | Sep 2025 7.6 | Dec 2025 8.9 | Mar 2026 11.8 | Jun 2026 13.9 - LRCX: Sep 2021 14.8 | Dec 2021 15.1 | Mar 2022 12.8 | Jun 2022 9.8 | Sep 2022 7.0 | Dec 2022 6.7 | Mar 2023 8.5 | Jun 2023 10.4 | Sep 2023 10.2 | Dec 2023 12.5 | Mar 2024 15.8 | Jun 2024 16.3 | Sep 2024 12.6 | Dec 2024 10.7 | Mar 2025 9.8 | Jun 2025 12.5 | Sep 2025 15.9 | Dec 2025 22.0 | Mar 2026 25.0 | Jun 2026 — - KLAC: Sep 2021 13.2 | Dec 2021 16.0 | Mar 2022 13.4 | Jun 2022 32.3 | Sep 2022 20.4 | Dec 2022 20.1 | Mar 2023 20.4 | Jun 2023 22.7 | Sep 2023 20.9 | Dec 2023 25.8 | Mar 2024 30.4 | Jun 2024 32.9 | Sep 2024 29.1 | Dec 2024 23.4 | Mar 2025 22.5 | Jun 2025 25.2 | Sep 2025 28.5 | Dec 2025 29.2 | Mar 2026 33.2 | Jun 2026 — - TER: Sep 2021 — | Dec 2021 7.1 | Mar 2022 — | Jun 2022 7.6 | Sep 2022 5.9 | Dec 2022 5.2 | Mar 2023 — | Jun 2023 6.8 | Sep 2023 7.1 | Dec 2023 6.3 | Mar 2024 6.8 | Jun 2024 8.8 | Sep 2024 7.6 | Dec 2024 7.2 | Mar 2025 4.8 | Jun 2025 5.1 | Sep 2025 7.8 | Dec 2025 10.8 | Mar 2026 14.7 | Jun 2026 — - Q: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.4 | Mar 2026 3.4 | Jun 2026 — - ENTG: Sep 2021 — | Dec 2021 10.5 | Mar 2022 — | Jun 2022 9.3 | Sep 2022 6.3 | Dec 2022 4.0 | Mar 2023 — | Jun 2023 3.9 | Sep 2023 5.0 | Dec 2023 5.3 | Mar 2024 6.2 | Jun 2024 5.8 | Sep 2024 4.8 | Dec 2024 4.1 | Mar 2025 3.5 | Jun 2025 3.3 | Sep 2025 3.6 | Dec 2025 3.2 | Mar 2026 4.4 | Jun 2026 — - NVMI: Sep 2021 6.4 | Dec 2021 8.8 | Mar 2022 6.3 | Jun 2022 4.9 | Sep 2022 4.4 | Dec 2022 4.0 | Mar 2023 4.8 | Jun 2023 5.1 | Sep 2023 4.6 | Dec 2023 5.3 | Mar 2024 6.5 | Jun 2024 8.1 | Sep 2024 6.7 | Dec 2024 6.2 | Mar 2025 5.5 | Jun 2025 7.4 | Sep 2025 8.1 | Dec 2025 7.9 | Mar 2026 10.0 | Jun 2026 — - ONTO: Sep 2021 2.7 | Dec 2021 — | Mar 2022 3.5 | Jun 2022 2.9 | Sep 2022 2.0 | Dec 2022 2.0 | Mar 2023 — | Jun 2023 2.6 | Sep 2023 3.4 | Dec 2023 4.3 | Mar 2024 5.0 | Jun 2024 5.9 | Sep 2024 5.6 | Dec 2024 4.4 | Mar 2025 3.1 | Jun 2025 2.5 | Sep 2025 3.1 | Dec 2025 — | Mar 2026 3.9 | Jun 2026 — - AMKR: Sep 2021 2.2 | Dec 2021 2.1 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 1.7 | Jun 2023 2.0 | Sep 2023 1.4 | Dec 2023 2.1 | Mar 2024 2.0 | Jun 2024 2.4 | Sep 2024 1.8 | Dec 2024 1.5 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.6 | Dec 2025 2.2 | Mar 2026 2.5 | Jun 2026 — - FORM: Sep 2021 4.0 | Dec 2021 4.3 | Mar 2022 4.0 | Jun 2022 3.7 | Sep 2022 2.5 | Dec 2022 2.1 | Mar 2023 — | Jun 2023 3.0 | Sep 2023 3.2 | Dec 2023 3.6 | Mar 2024 3.8 | Jun 2024 4.9 | Sep 2024 3.8 | Dec 2024 3.7 | Mar 2025 2.3 | Jun 2025 2.7 | Sep 2025 2.7 | Dec 2025 4.4 | Mar 2026 7.2 | Jun 2026 — - CAMT: Sep 2021 6.3 | Dec 2021 6.8 | Mar 2022 4.3 | Jun 2022 3.3 | Sep 2022 2.9 | Dec 2022 2.5 | Mar 2023 3.1 | Jun 2023 3.7 | Sep 2023 6.2 | Dec 2023 6.5 | Mar 2024 8.5 | Jun 2024 11.9 | Sep 2024 7.1 | Dec 2024 6.7 | Mar 2025 4.5 | Jun 2025 6.2 | Sep 2025 8.3 | Dec 2025 7.9 | Mar 2026 10.2 | Jun 2026 — - ACMR: Sep 2021 12.4 | Dec 2021 2.5 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 0.7 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 2.3 | Jun 2024 1.7 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.6 | Jun 2025 1.7 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 1.7 | Jun 2026 — - KLIC: Sep 2021 — | Dec 2021 3.3 | Mar 2022 3.1 | Jun 2022 2.9 | Sep 2022 1.9 | Dec 2022 1.8 | Mar 2023 — | Jun 2023 2.5 | Sep 2023 2.9 | Dec 2023 2.7 | Mar 2024 2.8 | Jun 2024 2.8 | Sep 2024 2.6 | Dec 2024 2.6 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 — | Dec 2025 2.6 | Mar 2026 3.1 | Jun 2026 3.9 - ACLS: Sep 2021 3.1 | Dec 2021 4.6 | Mar 2022 4.5 | Jun 2022 3.1 | Sep 2022 3.2 | Dec 2022 3.9 | Mar 2023 6.2 | Jun 2023 8.1 | Sep 2023 6.7 | Dec 2023 4.9 | Mar 2024 4.0 | Jun 2024 5.0 | Sep 2024 3.5 | Dec 2024 2.2 | Mar 2025 1.6 | Jun 2025 2.1 | Sep 2025 3.0 | Dec 2025 2.4 | Mar 2026 2.7 | Jun 2026 — - IPGP: Sep 2021 3.1 | Dec 2021 3.3 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 2.5 | Jun 2023 2.7 | Sep 2023 2.0 | Dec 2023 2.1 | Mar 2024 1.8 | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 2.3 | Jun 2026 — - UCTT: Sep 2021 2.6 | Dec 2021 3.0 | Mar 2022 — | Jun 2022 2.1 | Sep 2022 1.4 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 2.0 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 2.5 | Jun 2024 2.6 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 4.2 | Jun 2026 — - AMBA: Sep 2021 — | Dec 2021 13.0 | Mar 2022 9.6 | Jun 2022 5.4 | Sep 2022 5.8 | Dec 2022 3.6 | Mar 2023 5.8 | Jun 2023 4.1 | Sep 2023 5.5 | Dec 2023 3.1 | Mar 2024 3.8 | Jun 2024 3.4 | Sep 2024 4.0 | Dec 2024 4.2 | Mar 2025 5.7 | Jun 2025 3.6 | Sep 2025 4.9 | Dec 2025 6.2 | Mar 2026 4.7 | Jun 2026 5.0 - VECO: Sep 2021 2.6 | Dec 2021 3.3 | Mar 2022 3.5 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 2.4 | Sep 2023 2.5 | Dec 2023 2.6 | Mar 2024 2.9 | Jun 2024 3.7 | Sep 2024 2.5 | Dec 2024 2.0 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 2.1 | Dec 2025 2.0 | Mar 2026 2.3 | Jun 2026 — - AXTI: Sep 2021 1.7 | Dec 2021 1.8 | Mar 2022 1.4 | Jun 2022 1.2 | Sep 2022 1.3 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 1.0 | Jun 2024 0.8 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 1.2 | Dec 2025 3.3 | Mar 2026 11.5 | Jun 2026 — - ICHR: Sep 2021 2.4 | Dec 2021 2.6 | Mar 2022 — | Jun 2022 1.9 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.6 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 1.9 | Sep 2024 1.5 | Dec 2024 1.5 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 2.4 | Jun 2026 — - AEHR: Sep 2021 12.8 | Dec 2021 11.4 | Mar 2022 8.3 | Jun 2022 4.5 | Sep 2022 7.7 | Dec 2022 12.8 | Mar 2023 13.8 | Jun 2023 12.5 | Sep 2023 18.3 | Dec 2023 7.6 | Mar 2024 5.4 | Jun 2024 3.0 | Sep 2024 3.7 | Dec 2024 2.9 | Mar 2025 2.3 | Jun 2025 2.3 | Sep 2025 6.1 | Dec 2025 5.4 | Mar 2026 8.4 | Jun 2026 13.2 - COHU: Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 1.7 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 — | Jun 2023 2.0 | Sep 2023 2.1 | Dec 2023 1.8 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 1.4 | Dec 2024 1.6 | Mar 2025 0.9 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.4 | Mar 2026 1.8 | Jun 2026 — - PLAB: Sep 2021 — | Dec 2021 1.0 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.7 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.0 | Sep 2023 1.7 | Dec 2023 1.2 | Mar 2024 1.8 | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.2 | Mar 2026 1.7 | Jun 2026 2.4 - DQ: Sep 2021 2.1 | Dec 2021 1.4 | Mar 2022 1.1 | Jun 2022 1.3 | Sep 2022 0.9 | Dec 2022 0.6 | Mar 2023 0.7 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.2 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 — - ASYS: Sep 2021 1.9 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.2 | Dec 2023 0.8 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 1.4 | Jun 2025 1.2 | Sep 2025 2.5 | Dec 2025 3.3 | Mar 2026 3.0 | Jun 2026 — - ATOM: Sep 2021 17.0 | Dec 2021 16.5 | Mar 2022 12.1 | Jun 2022 10.1 | Sep 2022 10.7 | Dec 2022 7.3 | Mar 2023 9.4 | Jun 2023 9.7 | Sep 2023 8.3 | Dec 2023 10.1 | Mar 2024 9.0 | Jun 2024 6.0 | Sep 2024 4.7 | Dec 2024 14.1 | Mar 2025 5.3 | Jun 2025 7.4 | Sep 2025 7.3 | Dec 2025 3.9 | Mar 2026 3.6 | Jun 2026 — - INTT: Sep 2021 2.3 | Dec 2021 2.5 | Mar 2022 2.1 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.8 | Mar 2023 3.4 | Jun 2023 3.5 | Sep 2023 2.0 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 1.1 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 1.6 | Jun 2026 — ## Market action AXT, Inc. has the strongest one-year price move in Semiconductor Equipment & Materials at +2127.1%. Ichor Holdings, Ltd. leads on Mansfield relative strength against the S&P 500 at +51%. 19 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. AXT, Inc. (AXTI): 2,127% 2. Aehr Test Systems, Inc. (AEHR): 316% 3. Trio-Tech International (TRT): 260% 4. Ichor Holdings, Ltd. (ICHR): 251% 5. Ultra Clean Holdings, Inc. (UCTT): 248% ### Strongest relative strength versus NIFTY 500 1. Ichor Holdings, Ltd. (ICHR): 51% 2. Trio-Tech International (TRT): 44% 3. Aehr Test Systems, Inc. (AEHR): 42% 4. Ultra Clean Holdings, Inc. (UCTT): 37% 5. Applied Materials, Inc. (AMAT): 34% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - ASML Holding N.V. (ASML) — market value ₹6.1 L Cr; latest fundamentals Jun 2026 - Applied Materials, Inc. (AMAT) — market value ₹3.8 L Cr; latest fundamentals Jun 2026 - Lam Research Corporation (LRCX) — market value ₹3.4 L Cr; latest fundamentals Mar 2026 - KLA Corporation (KLAC) — market value ₹2.5 L Cr; latest fundamentals Mar 2026 - Teradyne, Inc. (TER) — market value ₹50.2K Cr; latest fundamentals Mar 2026 - Qnity Electronics, Inc. (Q) — market value ₹26.8K Cr; latest fundamentals Mar 2026 - Entegris, Inc. (ENTG) — market value ₹18.0K Cr; latest fundamentals Mar 2026 - Nova Ltd. (NVMI) — market value ₹12.8K Cr; latest fundamentals Mar 2026 - Onto Innovation Inc. (ONTO) — market value ₹12.0K Cr; latest fundamentals Mar 2026 - Amkor Technology, Inc. (AMKR) — market value ₹11.3K Cr; latest fundamentals Mar 2026 - FormFactor, Inc. (FORM) — market value ₹6.9K Cr; latest fundamentals Mar 2026 - Camtek Ltd. (CAMT) — market value ₹6.4K Cr; latest fundamentals Mar 2026 - ACM Research, Inc. (ACMR) — market value ₹5.0K Cr; latest fundamentals Mar 2026 - Kulicke and Soffa Industries, Inc. (KLIC) — market value ₹4.8K Cr; latest fundamentals Jun 2026 - Axcelis Technologies, Inc. (ACLS) — market value ₹3.7K Cr; latest fundamentals Mar 2026 - IPG Photonics Corporation (IPGP) — market value ₹3.6K Cr; latest fundamentals Mar 2026 - Ultra Clean Holdings, Inc. (UCTT) — market value ₹3.5K Cr; latest fundamentals Mar 2026 - Ambarella, Inc. (AMBA) — market value ₹3.0K Cr; latest fundamentals Jun 2026 - Veeco Instruments Inc. (VECO) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - AXT, Inc. (AXTI) — market value ₹2.7K Cr; latest fundamentals Mar 2026 - Ichor Holdings, Ltd. (ICHR) — market value ₹2.4K Cr; latest fundamentals Mar 2026 - Aehr Test Systems, Inc. (AEHR) — market value ₹2.3K Cr; latest fundamentals Jun 2026 - Cohu, Inc. (COHU) — market value ₹2.0K Cr; latest fundamentals Mar 2026 - Photronics, Inc. (PLAB) — market value ₹1.7K Cr; latest fundamentals Jun 2026 - Daqo New Energy Corp. (DQ) — market value ₹802 Cr; latest fundamentals Mar 2026 - Amtech Systems, Inc. (ASYS) — market value ₹257 Cr; latest fundamentals Mar 2026 - Atomera Incorporated (ATOM) — market value ₹187 Cr; latest fundamentals Mar 2026 - InTest Corporation (INTT) — market value ₹159 Cr; latest fundamentals Mar 2026 - Trio-Tech International (TRT) — market value ₹98 Cr; latest fundamentals unavailable ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Semiconductor Equipment & Materials company is the biggest? ASML Holding N.V. is the largest, with trailing-twelve-month revenue of $35,328 million, ahead of Applied Materials, Inc. at $29,024 million. That covers 24 of 29 companies with comparable reporting through Jun 2026. ### Which Semiconductor Equipment & Materials company is growing fastest? Teradyne, Inc. has the fastest revenue growth at 30.3% year on year, across 23 of 29 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Semiconductor Equipment & Materials company has the best profit margins? KLA Corporation has the highest operating margin at 41.2%, from 27 of 29 comparable companies. Atomera Incorporated shows the biggest recent improvement, at +79084.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Semiconductor Equipment & Materials company makes the most profit? ASML Holding N.V. earns the most, at $10,399 million of trailing-twelve-month net profit, from 25 of 29 comparable companies. Teradyne, Inc. has the fastest profit growth at 48.2%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Semiconductor Equipment & Materials company earns the highest return on capital? Teradyne, Inc. leads on return on capital employed at 14.6%, across 28 of 29 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Semiconductor Equipment & Materials stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Photronics, Inc. screens cheapest at 0.43×. Only 15 of 29 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Semiconductor Equipment & Materials company has the strongest balance sheet? Daqo New Energy Corp. carries the lowest comparable gross debt at $0 million, from 28 of 29 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Semiconductor Equipment & Materials company is investing most in new capacity? Applied Materials, Inc. reports the largest capital spending at $635 million, across 28 of 29 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Semiconductor Equipment & Materials sector beating the market? Semiconductor Equipment & Materials has outperformed S&P 500 by 126.2% over the last 52 weeks and 16.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 19 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Semiconductor Equipment & Materials stock has the strongest price momentum? Ichor Holdings, Ltd. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Semiconductor Equipment & Materials company scores highest for research priority? Teradyne, Inc. scores 74.7 out of 100 with 82% evidence confidence, from 30.9 points on growth and earnings, 19.6 on capital efficiency, 11.8 on valuation and 12.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Semiconductor Equipment & Materials companies does this comparison cover, and over what period? It compares 29 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Semiconductor Equipment & Materials sector? The 29 Semiconductor Equipment & Materials companies on this page carry $1,755,627 million of combined market value. ASML Holding N.V. is the largest at $607,586 million, about 35% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Semiconductor Equipment & Materials sector's P/E ratio? The median price-to-earnings ratio across the 29 Semiconductor Equipment & Materials companies on this page is 54.1×, measured on the 26 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Semiconductor Equipment & Materials sector performing? 19 of the 28 covered Semiconductor Equipment & Materials companies are beating S&P 500 on Mansfield relative strength. The sector itself is 126.2% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Semiconductor Equipment & Materials stocks are listed in the US? This comparison covers 29 listed Semiconductor Equipment & Materials companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/semiconductor-equipment-materials